India’s state-run oil marketing companies will revise petrol price on a daily basis all across the country beginning June 16 2017.
The price of diesel has been increasing faster than that of petrol. Since the beginning of this year, the price of petrol has hiked by ₹3.5 a litre while diesel has hiked by ₹4.8 a litre.
Changing value equations are also reducing the difference in price between petrol and diesel in metro cities.
According to the dynamic pricing mechanism, the prices of domestic fuel depend on international fuel rates at the average of 15 days and the value of rupees.