New Delhi: State-run oil companies will revise petrol and diesel prices everyday in sync with international rates, beginning from June 16, and the companies announced on Thursday.
The companies have adopted the new pricing model after implementing it since May 1 in five cities i.e. Udaipur, Puducherry, Jamshedpur, Visakhapatnam and Chandigarh.
Diesel and petrol prices move in tandem with the price of crude oil in most countries. The daily price revisions, the companies say, will make the retail prices more reflective of the current market conditions.
The oil marketing firms are also taking steps to set up an appropriate mechanism to communicate daily prices to consumers, including publishing of the prices in newspapers, prominent displays at the retail outlets, even using phone messages and apps.