Diesel prices to be revised every fortnight: IOC

As the government deregulated diesel prices on Saturday, state-owned oil companies said prices will be revised fortnightly, the same as petrol.

As the government deregulated diesel prices on Saturday, state-owned oil companies said prices will be revised fortnightly, the same as petrol.

“Like in case of petrol, we will revise diesel prices after every 15 days,” B Ashok, chairman and managing director, Indian Oil Corp, told HT.

Diesel prices were cut by Rs 3.37 a litre following the government’s move, which will now allow oil marketing companies to fix diesel prices in line with the prevailing global oil market trends. The next revision in diesel prices is now due on October 31.

Since January 2013, oil companies were raising diesel price by 50 paise a litre every month to bring it on par with global rates.

“The movement of prices in international oil market and rupee-dollar exchange rate will continue to be closely monitored and developing trends of the market will be reflected in future changes in diesel prices,” IOC said.

Oil firms revise prices on the 1st and 16th of every month.