Mumbai: India on Friday joined the league of select countries like the US and Australia where fuel prices are revised on a daily basis.
The development comes after the three state-owned oil marketing companies (OMCs) -- Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- rolled-out the daily dynamic pricing mechanism for petrol and diesel from Friday morning.
On the occasion, Petroleum and Natural Gas Minister Pradhan said India has become the first country in the world to adopt dynamic fuel pricing on such a large scale.
"Proud to share that India is first country to switch to dynamic fuel pricing on such a large scale in one go," Pradhan tweeted.
Under the dynamic pricing scheme, petrol and diesel prices will be revised on a daily basis in sync with global crude oil prices.
The state-run Indian Oil Corp. said it has successfully rolled-out daily price revision mechanism for the two main transportation fuels across its network of 26,000-plus pumps.
"The seamless implementation of daily pricing has been possible due to support from our dealers fraternity," said B.S. Canth, Director (Marketing), IndianOil.
According to Indian Oil, it has accomplished 100 per cent updation of Retail Sales Price (RSP) across its entire network of pumps.
The OMC said that the daily price revision will set new standards of transparency, encourage automation drive of pumps and better stock management practices.
"After the complete transformation of the LPG sector, dynamic fuel pricing is the first major reform of recent times in fuel retailing sector," the company said in a statement.
The OMC said that it is monitoring the daily price revision "round-the-clock" through 87 control rooms to offer quick redressal of queries from the field.
Effective Friday morning, petrol per litre cost Rs 65.48 in Delhi, Rs 68.03 in Kolkata, Rs 76.70 in Mumbai and Rs 68.02 in Chennai for the day.
Similarly, the new diesel prices were Rs 54.49 in Delhi, Rs 56.65 in Kolkata, Rs 59.90 in Mumbai and Rs 57.41 in Chennai.