The present invention relates to collecting and dissemination of exact and instantaneous commodity pricing information of any market from remote locations with the help of individuals present in the market by utilizing localization application loaded in their mobile phones or base station. The current prices undertaken by individuals in the market is updated in a centralized commodity database which can be queried from any remote location using mobile phone or remote computer over internet. The presence of the information provider is determined by approximating contours of the target premises which minimizes the memory required to store information in the mobile phone. In an alternative embodiment, the instantaneous price information is obtained by connecting electronic transaction payment system with the central commodity database.