Finally the oil companies have decided that they will be revising the oil prices once every month. The stand comes after a long wait after it was decided that the petrol prices will now be de-regulated and more market-driven.

In the group that announced its decisions are also PSU firms like Indian Oil, Bharat Petroleum and Hindustan Petroleum. They said that they would be charging a uniform price for petrol.

Indian Oil even said that there is no need to increase the price of petrol immediately and that all the refiners must increase the price together rather than doing it one by one.

It was decided last month itself that the prices of petrol and other related items will be freed from government control but the modalities of it were handed over to the oil companies who had to adjust it to the retail requirements.

Since then, the oil companies including the once mentioned above were in consultations. It is said that most of the players wanted a fortnightly revision but that meant too soon. IOC, the largest oil firm said that it should be done on a monthly basis.