The three major oil marketing companies, Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, will have a uniform price for petrol and will revise the retail prices on a monthly basis.
S V Narasimhan, Director (Finance), Indian Oil Corporation, told media, "that the oil marketing companies will once in a month coordinate on petrol pricing based on international crude oil and product price trend."
“Right now we are adopting wait and watch policy for next few months until the situation stabilises. At present, there is no scope for price revision of petrol," he said.
"Petrol prices on Jun 25 were raised by Rs.3.50 per litre following the price decontrol instead of Rs.3.73 a litre required to align them with cost," he added.
However government has no plan on revising diesel prices.