Petrol prices cut by Rs 1.12, diesel by Rs 1.24 ahead of daily price revision

Some relief preceded apprehension as petrol prices were slashed by Rs 1.12 and diesel prices were brought down by Rs 1.24 merely hours before daily price revision on these petroleum products is implemented. The changes will be effective from midnight.

"Petrol price cut by Rs 1.12 per litre, diesel by Rs 1.24 per litre with effect from June 16," stated a PTI alert.

After a 40-day trial run by oil marketing companies in five cities - Chandigarh, Jamshedpur, Puducherry, Udaipur, and Visakhapatnam - this system of changing fuel prices daily is supposed to be put into effect across India from tomorrow morning. Until now, diesel and petrol prices were revised on a fortnightly basis.

State-run oil marketing companies (OMC) - Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum - operate 54,000 petrol pumps in the country. There could be confusion about the prices in early days, as reports suggest that not all petrol pumps have their system automated to keep up with daily changing prices.

Petrol pump owners called off their proposed strike over the daily revision of petrol and diesel prices after the government agreed to change the timing to 6 am everyday instead of midnight. This is another comforting piece of word for the vehicle owners fearing troubles owing to the daily revision of petrol and diesel prices as well as petrol pumps going on a strike.

After diesel and petrol, the government is also planning to change prices of CNG on a daily basis.  State-owned Indian Oil Corporation's CMD Sanjay Singh said the OMCs are in the process of revising CNG prices on a daily basis.

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