Thu. Mar 28th, 2024
Petrol Pump

Petrol Ministry has started the daily revision of prices from June 16. This decision was surrounded by many negative and positive views. But after 10 days of its launch, the decision is benefitting the customers.

Petrol prices have been cut by ₹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. While before, the petrol was at  ₹65.48 a litre and diesel at  ₹54.49 per litre.

According to oil company data, petrol price has been cut almost every day with reduction ranging from 11 paise to 32 paise per litre. While diesel prices have been cut between 2 paise and 18 paise a litre.

Due to the daily revision, state-owned companies have dumped their old practice of revising rates on 1st and 16th of every month. They instead adopted a dynamic daily price revision to instantaneously reflect changes in cost. The prices are revised at daily six in the morning since June 16.  Before its launch, 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.

On the other hand, when oil prices rise, the reverse will also hold true.

By Bharat