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The price of petrol was tonight hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre in sync with firming international rates, according to PTI news agency. The hike comes on the back of a Rs 4.85 per litre reduction in rates of petrol and Rs 3.41 a litre in diesel effected from April 1. Indian <keyword id="284628" type="COMPANY" weightage="20" keywordseo="Oil-Corp">Oil Corp</keyword> (<keyword id="6354733" type="ORGANIZATION" weightage="20" keywordseo="IOC">IOC</keyword>), the nation's largest fuel retailer, said price of petrol is being increased by Rs 1.39 per litre, excluding state levies, and that of diesel by Rs 1.04 (excluding state levies) with effect from midnight tonight. Actual increase in price will be more after taking into account local VAT. Petrol in Delhi currently costs Rs 66.29 a litre while a litre of diesel is priced at Rs 55.61. "The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said. IOC also said it intends to shortly start daily changes in price of petrol and diesel on pilot basis, in Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vizag.

Petrol price hiked by Rs 1.39 per litre, diesel up by Rs 1.04

Petrol prices have been cut by Rs 1.77 per litre and diesel by 88 paise a litre ever since the daily revision in rates was implemented just over a week back, according to PTI news report. State-owned oil companies this month dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantaneously reflect changes in cost. Prices of petrol and diesel have been revised at 0600 hrs everyday since June 16 and the biggest beneficiary has been the consumer. Petrol price was at Rs 65.48 a litre on June 16 in Delhi and today it costs Rs 63.71 per litre, according to information available from oil companies. Similarly, a litre of diesel was priced at Rs 54.49 on June 16 but has since dropped to Rs 53.61, thanks to the softening international oil prices. "Previously, the benefit of any decline in international oil prices would have been passed on to consumers only after a fortnight, but now it is instantaneously reflected in the billing," explained a senior oil company executive. The previous practice of revision in rate on 1st and 16th of every month, which began with de-regulation of auto fuel on April 1, 2002, was based on average international oil price and foreign exchange rate in the preceding fortnight. "Many a times, international rates would fall for one week and then rise in the following. So, the net effect of this in the previous price revision policy was status quo or a marginal change in rate. But now, any decline is passed on immediately and the consumer gets the benefit," he said. On the other hand, when oil prices rise, this would also hold true. According to oil company data, petrol price has been cut almost every day with reduction ranging from 11 paise to 32 paise per litre. Diesel prices have been cut between 2 paise and 18 paise a litre. Rates have declined on every single day since the daily price revision was introduced. Petrol and diesel prices were de-regulated, or freed from government control from April 1, 2002 and the fortnightly revision in rates kicked in. The deregulation derailed a bit when international oil prices started to climb after 2004. Fortnightly revision continued but the revision was not completely in snyc with the required price increase. Petrol price was finally freed in June 2010 and diesel in October 2014. The daily price revision was implemented after a successful pilot in five cities. Daily price change will remove the big leaps in rates that need to be effected at the end of the fortnight and the consumer will be more aligned to market dynamics. The three state-owned fuel retailers had implemented daily revision of retail selling price (RSP) of petrol and diesel on a pilot basis in <keyword id="42774" type="COMPANY" weightage="20" keywordseo="Udaipur">Udaipur</keyword> in Rajasthan, Jamshedpur in <keyword id="6360371" type="COMPANY" weightage="20" keywordseo="Jharkhand">Jharkhand</keyword>, Puducherry, Chandigarh, and Vizag in <keyword id="37102" type="COMPANY" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> from May 1.

The daily price change of petrol is benefitting the customers

State oil companies have decided to revise petrol and diesel prices daily starting June 16. The pilot for this programme has been running in five Indian cities, viz. Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh since May 1, but would now be implemented for consumers all over India. These companies are preparing for a shift in their distribution network, which would now be done daily as against earlier fortnightly practice. It was after a meeting on Wednesday that Oil Minister <keyword id="197418" type="PERSON" weightage="100" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> directed top executives from state-run oil companies to quickly extend this new pricing mechanism to all cities.

From June 16, fuel prices to change daily

In most of the advanced markets globally, petrol and diesel prices are revised on a daily basis. India too is following the path, implementing the procedure of daily changes in fuel prices in select towns, in sync with international rates. Indian Oil Corp (<a href="http://www.businessinsider.in/enterprise/IOC-and-RIL-rank-1stand-2nd-for-6-years-in-a-row-among-Fortune-500-India/articleshow/50311267.cms">IOC</a>), Bharat Petroleum Corp Ltd (<keyword id="44555" type="CITY" weightage="100" keywordseo="BPCL">BPCL</keyword>) and Hindustan Petroleum Corp Ltd (<keyword id="6362419" type="CITY" weightage="100" keywordseo="HPCL">HPCL</keyword>), the state-owned <a href="http://www.businessinsider.in/Indianoil-refineries-pay-700-million-to-Iran/articleshow/49338974.cms">fuel retailers</a> that own more than 95% of the nearly 58,000 <a href="http://www.businessinsider.in/transportation/cars/Now-anyone-can-have-a-petrol-pump-in-India/articleshow/48328630.cms">petrol pumps</a> in India, will be starting the exercise of daily price revision in five select cities of Puducherry, Vizag, Udaipur, Jamshedpur, and Chandigarh, taking it to other parts of the country later on. Also read: <a href="http://www.businessinsider.in/politics/Iran-stops-free-shipping-of-crude-oil-to-India/articleshow/52225246.cms">Iran stops free shipping of crude oil to India</a> Presently, these state fuel retailers revise rates on the 1st and 16th of <a href="http://www.businessinsider.in/markets/economy/state-run-oil-firms-can-now-raise-prices-of-kerosene-and-cooking-gas-every-month/articleshow/58219384.cms">every month</a>. To avoid deception, customers may verify fuel prices either by downloading the company app on their smartphones or visiting its website.

Petrol and diesel prices to be revised daily now

From tomorrow, <keyword id="6367091" type="ORGANIZATION" weightage="20" keywordseo="Petrol">petrol</keyword> and <keyword id="6356109" type="COMPANY" weightage="20" keywordseo="diesel">diesel</keyword> rates will be revised in sync with any movement in international oil rates. Rates will change at 6 am everyday depending on movement in cost on the previous day. Currently, prices are revised on 1st and 16th of every month based on the fortnightly average of international oil price and the foreign exchange rate. The last of such revision was announced today when petrol price was reduced by Rs 1.12 per litre, excluding state levies (VAT), and diesel by Rs 1.24 a litre, said <keyword id="59622" type="CITY" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword>, the nation's largest fuel retailer. Actual reduction would be higher after taking into account local sales tax or VAT. Petrol will cost Rs 65.48 a litre in Delhi from tomorrow as against Rs 66.91 per litre currently. A litre of diesel will cost Rs 54.49 as compared to Rs 55.94 at present. 
 <keyword id="6354733" type="ORGANIZATION" weightage="20" keywordseo="IOC">IOC</keyword> said daily revision of retail selling price of petrol and diesel on pilot basis was implemented in Chandigarh, Jamshedpur, Puducherry District, Udaipur and Visakhapatnam from May 1. "On the same lines, IOC intends to start revising retail selling prices of petrol and diesel across the country on a daily basis with effect from June 16. The prices declared on a daily basis shall be applicable from 6 AM to 6 AM the next day," IOC said in a statement. The reduction in rate announced today comes on the back of Rs 1.23 a litre hike in petrol rates on June 1 and Rs 0.89 a litre in diesel price. "The current level of international product prices of petrol and diesel and Indian Rupee¬US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," the statement said.

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