After diesel, petrol, govt plans to revise CNG prices on daily basis

After diesel and petrol, the government plans to revise prices of CNG on a daily basis.  State-owned oil marketing company (OMC) Indian Oil Corporation CMD Sanjay Singh said the OMCs are in the process of revising CNG price on a daily basis.

The daily revision in petrol and diesel prices will come into effect from tomorrow.

Also read: Diesel, petrol prices to change daily: 5 things to know when you visit petrol pumps tomorrow

On May 1, state-owned oil retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) launched a pilot project to revise petrol and diesel prices on a daily basis in five select cities - Udaipur, Jamshedpur, Chandigarh, Vizag and Puducherry.

Earlier in April, executives of the country's biggest oil marketing company Indian Oil Corp and its two smaller peers Bharat Petroleum and Hindustan Petroleum said that the firms were considering ways to roll out the plan to review petrol and diesel prices daily.

The daily price change also known as dynamic fuel pricing means the companies will not wait for a fortnight to adjust the price of petrol and diesel in tandem with crude price as they do now. Instead, they will change the price everyday based on crude price movements.

This will help India move to an international standard of fuel pricing.

Currently, oil marketing firms fix the prices of diesel, petrol and CNG on a fortnightly basis.