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Petrol, diesel prices are set to change daily starting next Friday. State oil companies will tweak fuel rates for consumers across the country every day to pass on even the slightest change in international oil prices to dealers and the end customers. “The daily price revision is an initiative for ensuring the best possible prices to the customers as well as improved transparency in the pricing mechanism,” Indian Oil Corporation Limited (IOCL), the country’s largest oil retailer said.While, the daily prices will be prominently displayed at the petrol pumps, customers can also find out the dynamic rates via sms (short messaging service) and IOCL’s mobile app.“Customers would be able to fetch daily updated prices of petrol and diesel at all cities through Indian Oil’s mobile app Fuel@IOC. Alternatively, customers may cross-check the prices applicable in their cities by sending SMS RSP< SPACE >DEALER CODE to 92249-92249. The Dealer Code of each petrol pump would be prominently displayed in the petrol pump premises,” IOCL said.The company also said that it would carry out extensive training of dealers (petrol pumps) to ensure that customers do not face any pricing misinformation or glitches. “All the 26,000 plus Indian Oil dealers will be given timely information on the effective prices at a pre-designated time – say 20:00 hrs for the next day. This can be set to automatically come into effect at midnight at the automated ROs (Retail Outlets), without manual intervention,” it said.At the non-automated petrol pumps, dealers would get the updated price via customised SMSs, e-mails, mobile app & web portal for dealers.However, the Federation of All India Petroleum Traders (FAIPT), which claims to represent most of the nation's 54,000 fuel stations, earlier this week said there will be "no purchase no sale" of petrol and diesel on June 16 protesting against the government’s decision to implement daily revision in fuel prices ."Dealers of five cities where it was launched have already burnt their fingers. They are crying at the inventory loss that they have already suffered due the fluctuations in the daily changing prices on the inventory held by them," it said in a statement.FAIPT also said 50 per cent of petrol pumps sells on average 30 kilolitre of fuel per month. "One tank lorry of 18 Kls lasts most of such small dealers 7 to 10 days. Any such decision shall wipe out his entire working capital if the prices were to go down frequently," it said.The trader body is due to meet oil companies, and ministry representatives on Tuesday to figure out a resolution.The decision to revise fuel rates daily from June 16 is an extension of a pilot that the oil companies have been running in five cities since May 1.State-run oil retailers Indian Oil Corporation Limited(IOCL), Bharat Petroleum Corporation Limited (BPCL) Hindustan Petroleum Corporation Limited (HPCL) had implemented daily revision of retail selling prices (RSP) of petrol and diesel on a pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh, and Vishakhapatnam.Currently, except for the five cities that were part of the pilot project, for the rest of the country, companies revise petrol and diesel prices every fortnight.Petrol and diesel prices have been deregulated in India for years now - which means they are linked to market rates. Oil marketing companies revise petrol and diesel rates every fortnight based on global oil prices and foreign exchange rate. The three state-run oil marketing companies operate over 95 per cent of the retail outlets (petrol pumps) in the country.