Petrol and diesel prices are deregulated in India.

Highlights The scheme will be introduced in 5 cities on a pilot basis

Daily revision in rates will remove the big fortnightly changes in prices

Petrol and diesel rates in New Delhi will still be decided fortnightly

Ending the practice of fortnightly revision in rates, petrol and diesel prices will be revised daily in five cities starting today. As an effort to sync with the international rates, the move is much like it happens in most advanced markets. "Indian Oil Corporation Ltd is implementing daily revision in prices of petrol and diesel, w.e.f 01.05.2017, on pilot basis, in the cities of Udaipur, Jamshedpur, Chandigarh, Vizag and Puducherry District," the country's largest fuel retailer said in a statement. Daily revision in rates will remove the big leaps in rates that need to be effected at the end of the fortnight."The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC added.As of today, the petrol and diesel rates are as follows:One can also verify the fuel rates by downloading the company app or visiting its website. However, petrol and diesel rates in the national capital will still be decided fortnightly. A litre of petrol in Delhi currently cost Rs 68.09 and diesel is sold at Rs 57.35 a litre.Petrol price was freed from the control of the government in June 2010, while diesel rates were deregulated in October 2014.

Petrol and diesel prices are deregulated in India - which means they are linked to market rates. State-run fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which own more than 95 per cent of the nearly 58,000 petrol pumps in the country, revise petrol and diesel prices every fortnight based on global oil prices and the foreign exchange rate.