Diesel prices to go up by 40-50 paise per litre every month
Last Updated at
- 08:14 pm, February 01, 2013
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The move will continue to be in effect until the losses on most used fuel have been fully offset.
Petroleum and Natural Gas Minister Mr M Veerappa Moily has announced today that the prices of diesel will be hiked by up to 40 to 50 paise per litter every month, until the losses on the most used fuel have been completely offset.
Until further orders, oil marketing companies can increase it (diesel price) by 40-50 paise (per litre) every month," Moily said in a statement.
The announcement was made by the companies after the government, which otherwise controls the subsidized retail price of diesel, on Jan 17 allowed the retailers to raise the price in small amount every month or time to time, thereby deregulating the prices partially.
"For now, there is no revision in the prices of diesel. But the companies are authorized to make price revision from time to time," Moily said last month.
Diesel is currently sold at a loss of over Rs 10.80 per litre. On January 17, oil firms hiked diesel price by 45 paise. After including local VAT, the increase in Delhi came to 50 paisa. The diesel now costs Rs 47.65 a litre in the capital.
First Published on 08:14 pm, February 01, 2013
