As per the latest news, fuel prices in the country will be revised on a daily basis after June 16. All the state-owned companies had already picked up a pilot test in 6 cities including Puducherry, Vishakapatnam, Udaipur, Jamshedpur and Chandigarh. As per the previouis plan all the state owned companied revised fuel prices on the 1st and the 16th of every month. The fuel prices depend on a number of factors such as the international fuel prices and the fluctuating rupee dollar exchange rates.
Companies such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation own 98% of the 58,000 petrol pumps in the country and these state owned companies will also organize extensive training to their staff for a smooth trnasition. On this change the India Oil Corporation said “This move will ensure that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end users.” And at automated fuel station the prices will be updated automatically. The trend of daily changing prices is followed in US and Japan.