Daily fuel price revision benefits buyers; petrol prices drop Rs 2.4, diesel prices fall Rs 1.05

In the earlier system, the price of petrol and diesel changed every fortnight based on global oil prices. The new price mechanism is more dynamic as the consumers can get immediate benefit from changes in international crude oil prices. The global rates of crude oil prices have been sliding in recent days due to which the prices have seen a fall in Indian cities too.

Meanwhile, the All India Petrol Dealers' Association has announced a country-wide 'no-purchase' protest on July 5 to protest against the oil marketing companies 'failure' to install 100 per cent automated system at petrol pumps and 'lack of transparency' in the daily dynamic pricing of fuel.

The Dealers' Association has also called for a nationwide strike petrol pumps on July 12. "We had a stormy three-hour meeting with oil marketing companies (OMCs) on June 29. The OMCs had agreed with us and had assured that price protection needs to be given," AIPDA spokesperson Ali Daruwalla told The Indian Express.