The previous practice of revision in rate on 1st and 16th of every month, which began with de-regulation of auto fuel on April 1, 2002, was based on average international oil price and foreign exchange rate in the preceding fortnight.48 a litre on June 16 in Delhi and today it costs Rs 63. Daily price change will remove the big leaps in rates that need to be effected at the end of the fortnight and the consumer will be more aligned to market dynamics.77 per litre and diesel by 88 paise a litre ever since the daily revision in rates was implemented just over a week back. New Delhi: Petrol prices have been cut by Rs 1.61, thanks to the softening international oil prices.. According to oil company data, petrol price has been cut almost every day with reduction ranging from 11 paise to 32 paise per litre.48 a litre on June 16 in Delhi and today it costs Rs 63.49 on June 16 but has since dropped to Rs 53.71 per litre. Prices of petrol and diesel have been revised at 0600 hrs everyday since June 16 and the biggest beneficiary has been the consumer.The three state-owned fuel retailers had implemented daily revision of retail selling price (RSP) of petrol China mascara case for sale and diesel on a pilot basis in Udaipur in Rajasthan, Jamshedpur in Jharkhand, Puducherry, Chandigarh, and Vizag in Andhra Pradesh from May 1. According to oil company data, petrol price has been cut almost every day with reduction ranging from 11 paise to 32 paise per litre. Petrol price was finally freed in June 2010 and diesel in October 2014.On the other hand, when oil prices rise, this would also hold true. But now, any decline is passed on immediately and the consumer gets the benefit," he said.Diesel prices have been cut between 2 paise and 18 paise a litre. Rates have declined on every single day since the daily price revision was introduced. Fortnightly revision continued but the revision was not completely in snyc with the required price increase.Sate-owned oil companies this month dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantaneously reflect changes in cost. Petrol and diesel prices were de-regulated, or freed from government control from April 1, 2002 and the fortnightly revision in rates kicked in."Many a times, international rates would fall for one week and then rise in the following. So, the net effect of this in the previous price revision policy was status quo or a marginal change in rate.Petrol price was at Rs 65.The deregulation derailed a bit when international oil prices started to climb after 2004. Similarly, a litre of diesel was priced at Rs 54.The daily price revision was implemented after a successful pilot in five cities."Previously, the benefit of any decline in international oil prices would have been passed on to consumers only after a fortnight, but now it is instantaneously reflected in the billing," explained a senior oil company executive. Petrol price was at Rs 65.71 per litre, according to information available from oil companies.

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