Petrol, diesel prices to be revised on daily basis from June 16

New Delhi: Petrol and diesel prices will now be be revised on daily basis from today onwards. The prices will change with any movement in international oil rates and the rates will change at 0600 hours every day depending on fluctuations in cost on the previous day.

The process known as Dynamic fuel pricing, or daily revision of retail selling prices (RSP), has already been implemented on a pilot basis in Udaipur, Jamshedpur, Visakhapatnam, Chandigarh and Puducherry from the month of May.

Here's how you can check the Fuel Price Movement:

For Mobile App users:

• Customers can download Indian Oils app 'Fuel@IOC' to keep a track of the updated daily petrol prices in all cities

For SMS updates:

• Customers can send a message — RSP< SPACE >DEALER CODE TO 9224992249. The dealer code of each petrol pump is displayed at the fuel station.

Visit the Webpage:

• Customers can also check the daily revision in fuel prices using RO Locator. The link is available through IOC’s official website.

It could be recalled that Petroleum Minister Dharmendra Pradhan told reporters here on Wednesday that the dealers were agreeable to the new timing and the countrywide daily revision of petrol and diesel prices from June 16 as decided.

At present, the state-run oil marketing companies (OMCs) review and revise retail fuel prices every fortnight on the basis of global crude oil prices, while the revision takes effect from midnight. Dealers had represented for a change in timing as under the new regime they would have to deploy manpower everyday to change rates at mid-night.

“There were some practical difficulties which we have addressed in our meeting with leadership of all the three petroleum dealers association today (Wednesday). Daily prices will change from 6 a.m.,” Pradhan said.