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"Diesel prices to go up 40-50p every month"

Posted on Feb 01, 03:45PM | IBNS

New Delhi, Feb 1 : Petroleum and Natural Gas Minister M Veerappa Moily on Friday said the oil marketing companies could hike diesel prices by 40-50 paise per litre every month.

"Until further orders, oil marketing companies can increase it ( price of diesel) by 40-50 paise (per litre) every month," Moily told media on Friday.

State-run oil firms have hiked diesel price by 45 paise per litre last month.

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 authorised to make price revision from time to time," Moily said last month.