Diesel price hiked by 90 paise per litre effective midnight
This is the fourth hike in diesel prices since January when the government permitted state-run oil companies to hike the price of the fuel by 45-50 paise per litre per month till the losses incurred on the sale of the fuel below market rates are wiped out. Oil firms are currently losing around Rs. 6 on the sale of every litre of diesel.
Diesel prices were last increased in March, by 45 paise (read story).
The price of petrol, on the other hand, is market driven and is revised every fortnight in line with international rates. Petrol prices were last revised on April 30, when they were slashed by Rs. 3 (minus taxes), the highest cut in over five years.
Along with diesel, the government sells cooking gas (LPG) and kerosene at subsidized rates, and compensates the oil firms for selling the fuels at lower prices.
For the last financial year ending March 31, 2013, the under-recovery (losses) on the three products is estimated at Rs. 1,60,000 crore.
This is the fourth hike in diesel prices since January when the government permitted state-run oil companies to hike the price of the fuel by 45-50 paise per litre per month till the losses incurred on the sale of the fuel below market rates are wiped out. Oil firms are currently losing around Rs. 6 on the sale of every litre of diesel.
Diesel prices were last increased in March, by 45 paise (read story).
The price of petrol, on the other hand, is market driven and is revised every fortnight in line with international rates. Petrol prices were last revised on April 30, when they were slashed by Rs. 3 (minus taxes), the highest cut in over five years.
Along with diesel, the government sells cooking gas (LPG) and kerosene at subsidized rates, and compensates the oil firms for selling the fuels at lower prices.
For the last financial year ending March 31, 2013, the under-recovery (losses) on the three products is estimated at Rs. 1,60,000 crore.
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