Indian Oil Corp, others revise prices of petrol & diesel as daily changes begin ; here's how you can check rates

Highlights: 

1. Petrol prices in Delhi would be Rs 65.48 while in Mumbai it will be Rs 76.70  

 2. Diesel rates will be Rs 54.49 in Delhi and Rs 59.90 in Mumbai 

3. The new rates of petrol and diesel shall be applicable from 6:00 am of June 16, Friday, to 6:00 am of June 17, Saturday

The prices of petrol and diesel were cut on Friday as part of a new system of daily price changes in petroleum products, in a shift from fortnightly price revisions, NDTV reported. 

So far, three public sector unit oil marketing companies namely Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum have revised their prices on the 1st and 16th of every month based on average international crude oil and foreign exchange rates, the report said. 

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IANS reported quoting the Indian Oil Corporation, as saying in a statement on Thursday. 

"The prices declared on a daily basis shall be applicable from 6:00 am to 6:00 am the next day," it said. 

The present daily price revision follows a successful experiment in five cities- Chandigarh, Jamshedpur, Puducherry, Udaipur and Vizag - where daily price change started from May 1.

After Friday's revision of oil prices, at 6:00 am, petrol prices in the four metro cities would be Rs 65.48 in Delhi, Rs 76.70 in Mumbai, Rs. 68.02 in Chennai and Rs 68.03 in Kolkata, cited the NDTV report.  

ALSO READ: Daily revision: Petrol price cut by Rs 1.12 per litre, diesel by Rs 1.24

Similarly, diesel rates will be Rs 54.49 in Delhi, Rs 59.90 in Mumbai, Rs 57.41 in Chennai and Rs 56.65 in Kolkata, the report said citing Indian Oil, as saying .

The prices of the two main transportation fuels were last hiked on May 31, when petrol price was increased by Rs 1.23 per litre, while that of diesel was raised by 89 paise a litre, IANS reported. 

According to the NDTV report, the country's largest fuel retailer had announced a Rs 1.12 per litre reduction in petrol, excluding state levies (VAT), and diesel by Rs1.24 a litre.

Prices in different states may vary due to local taxes and may also vary in different outlets.

As per the NDTV report, here's how how consumers can check the oil prices online: 

1. Visit the Indian Oil Corporation website here

2. After checking into the website, you can use the 'RO Locator' tool to locate the Indian Oil Corporation retail outlet nearest to your residence based on your location 

3. The website displays prices of various products sold 

If you wish to check the rates of Indian Oil Corporation (IOC) through SMS on your mobile phone you need to send an SMS as RSP <Space> Dealer Code to 92249-92249

"The Dealer Code of each petrol pump would be prominently displayed in the petrol pump premises," NDTV said quoting IOC as saying. 

Moreover, you can also check petrol and diesel prices through Indian Oil Corporation mobile app "Fuel@IOC - IndianOil", it said.

This mobile application by Indian Oil Corporation (IOC) is available on both Google Play and Apple Store, for Android and iPhone smartphone users respectively, cited the NDTV report. 

ALSO READ: Pilot project a success, now petrol and diesel prices set to change every day