Oil Marketing Companies will make daily revision in retail selling prices of Petrol and Diesel from 16th of this month across the country. The decision will make the retail prices more reflective of the current market conditions, minimising the volatility in the retail price of Petrol and Diesel. It will also enhance transparency in the system, besides enabling smoother flow of products from refinery to retail outlets. The decision has been taken by Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation after successful implementation of daily revision of retail selling prices of these two products on pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh and Vishakhapatnam. Public Sector Oil Marketing Companies are also taking steps to establish an appropriate mechanism for conveying the prices to consumers every day including daily publishing of the prices in newspaper, prominent displays of prices at the retail outlets and sending of price-related SMS. Many developed countries are already revising the prices of Petrol and Diesel on a daily basis.