Petrol, diesel prices may change every day. Here’s why

Instead of a fortnightly revision, the state-run oil companies are planning to review fuel rates every day, in a bid to be on the same page as many of the advanced markets.

Executives of state-run oil companies such as Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum, have discussed this strategy with Oil Minister Dharmendra Pradhan.

"The idea of daily fuel pricing has been there for sometime. But now we have the technology to implement it. So we will do it," a top executive told ET.

Changing fuel prices on every day basis won’t be a hassle, thanks to automation at most of the filling stations.

Companies can inform about change of prices through online platforms.

"Daily price revision is about introducing international standards in the Indian fuel retail market. It helps both customers as well as dealers in managing their purchase,” said the executive mentioned above.

If you’re worried about drastic changes, don’t fret as the prices would change just by a few paise.

India lifted price control on diesel in 2014 and on petrol in 2010, which allowed state companies to charge market prices, and encouraged private companies to reenter the fuel retailing business.

At present, state companies review prices at the end of every fortnight and raise or reduce them depending on the prevailing international prices.