New Delhi: Starting Friday, petrol as well as diesel prices across the country will be revised on a daily basis in sync with international rates as happens in most advanced markets.


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After the successful pilot in five cities, state-owned oil companies will from June 16 revise rates on a daily basis across all the 58,000 petrol pumps in the country.


Petrol and diesel price will change on a daily basis by a few paisa per litre depending on movement of oil prices in international market and variation in foreign exchange rates.


Rates will vary from city to city as well as from petrol pump to petrol pump with Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) deciding to follow a marginal differential pricing.


Daily price change will remove the big leaps in rates that need to be effected at the end of the fortnight and consumer will be more aligned to market dynamics.


The three firms in separate but identical statements had said they implemented daily revision of retail selling price (RSP) of petrol and diesel on a pilot basis in Udaipur in Rajasthan, Jamshedpur in Jharkhand, Puducherry, Chandibarh and Vizag in Andhra Pradesh from May 1.


State fuel retailers currently revise rates on 1st and 16th of every month based on average international price of the fuel in the preceding fortnight and currency exchange rate.


Instead of using fortnightly average, pump rates will reflect daily movement in international oil prices and rupee- US dollar fluctuations.


Petrol price was last revised downward by Rs 1.12 a litre on June 1, and diesel rates were cut by Rs 1.24 per litre.


Here's how you can check daily revision of petrol and diesel rates


Indian Oil Corp


- Dealers will ensure price updation at their fuel stations before start of sale, every day. Updated prices will be immediately exhibited at all petrol pumps for information of the public


- For their convenience and assurance, customers would be able to fetch daily updated prices of petrol and diesel at all cities through IndianOil’s mobile app - Fuel@IOC


- Alternatively, customers may cross-check the prices applicable in their cities by sending SMS RSP < SPACE > DEALER CODE to 92249-92249


- Dealer Code of each Petrol Pump would be prominently displayed at the petrol pump premises


Hindustan Petroleum Corp Ltd


- You can verify the fuel rates by sending an SMS. Send an SMS on “HPPRICE < SPACE > DEALER CODE” to 9222201122


- You can also download My HPCL Mobile App and locate the petrol pump to check prices


- Customers can also log on to the website of Bharat Petroleum and look for Pump location


Bharat Petroleum Corp Ltd


- You can verify the fuel rates by sending an SMS, by typing “RSP <SPACE > DEALER CODE” to the number 9223112222


- You can also download the SmartDrive app and locate the petrol pump to verify prices


- Customers can also log on to the website of Bharat Petroleum and look for Pump location


- You also have the option of calling the toll-free smart line number 1800 22 4344