HOME > BUSINESS > No petrol price hike, Diesel price increased by 65-75 paise per liter

No petrol price hike, Diesel price increased by 65-75 paise per liter

Indian Oil Corporation Ltd. has decided to increase the retail selling price of Diesel by Rs.0.50/litre (excluding state levies) with effect from midnight of 31st May/1st Jun’14.

In effect, it implies a rise of 65 to 75 paise per liter.

“The above increase is pursuant to GOI order dated 17th Jan’13, whereby OMCs have been authorized to increase the retail selling price of Diesel within a small range every month until further orders. Accordingly, since then, Retail Diesel prices are being revised every month.

“In continuation of above, Indian Oil Corporation Ltd. has decided to effect the aforesaid increase in Retail Diesel prices. Even after the current increase, under recovery on Retail Diesel shall stand at Rs. 2.80/litre. The Corporation is also suffering under-recoveries on sale of SKO (PDS) of Rs.32.87/litre & LPG (Dom) of Rs. 432.50/cyl. For the year 2014-15, the Corporation is expected to incur under-recovery of around Rs 53,600 crore on sale of three sensitive products (Industry around Rs 1,01,700 crore),” the company said.

HPCL and BPCL will also increase diesel prices at the same time.

Interestingly, petrol prices have not been increased despite a slight increase in the price of petrol. The Indian rupee has risen in value against the dollar, thereby negating the slight increase in dollar denominated petrol prices.

Follow ULTRA.news
MP, Gujarat & Mumbai lead in taxing petrol & diesel With the financial year drawing to a close, Madhya Pradesh, Gujarat & Mumbai have emerged as the states where people pay the highest taxes on petrol and diesel, while Tamil Nadu was the state with the highest increase in rates this year.In Madhya Pradesh, people pay an ...
Ujjwala ‘free LPG’ connections fly off the shelves The government's 'free LPG connection' scheme, Ujjwala, has seen 60% higher demand than expected, and the objectives of the three-year scheme will be met within two years at the current pace of rollout.As of the end of February, the total number of beneficiaries under the scheme ...
Petrol price falls to Rs 18.95 per liter in international markets in H2 of December The effective crude oil price paid by India fell again to record of several years to just $33.35 for the second half of December, petroleum ministry said, implying a petrol price of $1.08 to the gallon or Rs 18.95 per liter.In India, the retail price of petrol is around Rs 63...
CNG, PNG prices cut in Delhi and Mumbai by MGL Mahanagar Gas Ltd, India's biggest vendor of CNG fuel, has cut the price of the commodity after cuts by upstream providers such as ONGC and Reliance."Consequent to the reduction in the price of domestically produced natural gas by the Government of India, Mahanagar Gas Limite...
Diesel deregulation could arrive soon – Edelweiss Deregulation of, or removing price controls from, diesel sales in India is imminent, said Edelweiss Securities in a report after meeting dealers."We expect benign global oil prices to persist, paving way for de-regulation during Q4CY14," analyst Jal Irani said in a report on...
Diesel car or petrol car – which is cheaper? A new report from Crisil Research has reopened the perennial problem pestering Indian car buyers - should you buy a diesel car or a petrol car? Which would be cheaper to run and own in the long run?While the answer was unambiguous for the last four years, Crisil Research says...