Daily Price Revision of petrol, diesel starts in 5 cities today: Here are the prices for May 1

The oil marketing companies will be revising the price of petrol and diesel everyday in five pre-determined cities from Monday, to test a new method on a pilot basis. 

According to earlier statements by the Indian Oil Corporation, the company would revise the price of petrol and diesel on a daily basis in Chandigarh, Jamshedpur, Puducherry District, Udaipur, and Vizag. 

On Sunday, the prices of petrol and diesel were hiked marginally effective midnight for the entire country. While the price of petrol was raised by one paise per litre, diesel prices were hiked by 44 paise a litre.

This follows an increase in petrol and diesel prices by Rs. 1.39 and Rs. 1.04 per litre respectively, on April 16.

Post this, petrol was to be sold at Rs. 68.64 and diesel at Rs. 57.15 across New Delhi and National Capital Region (NCR).

The Indian Oil Corporation Limited (IOCL) released an official statement that the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.

About Daily Price Revision, IOC said, "daily revision of prices of petrol and diesel is being implemented on pilot basis, in the cities of Chandigarh, Jamshedpur, Puducherry District, Udaipur and Vizag w.e.f 1st May 2017."

For May 1, the prices of fuel in the five cities are:

Image Courtesy: Indian Oil Corporation website

​This is being done to remove the shock factor of petrol and diesel price revision which currently happens on a fortnightly basis.