india-news

Petrol price hiked by 75 p, diesel 50 p

New Delhi, Jan 3 : Adding pressure on consumers, petrol price has been hiked by 75 paise per litre while diesel price was increased by 50 paise per litre, both without taxes, on Friday and the new prices will come to effect from midnight. Announcing the price changes, state-run Indian Oil Corporation Ltd. (IOC) said in a statement: " Increase in retail selling price of Petrol by Rs 0.75/litre (excluding state levies). Increase in retail selling price of Diesel (Retail) by Rs.0.50/litre (excluding state levies)."


"Since the last price change, international prices of MS have increased from about USD 115/bbl to about USD 116.6/bbl, and the INR-USD exchange rate has depreciated from Rs. 61.88/$ to Rs. 62.00/$. There is a continued volatility in the international oil prices because of geopolitical and economic developments around the globe. In addition to above, in pursuant to GOI order dated 17th Jan'13, 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. 9.24/litre," it said.

"The Corporation is also suffering under-recoveries on sale of SKO (PDS) of Rs.37.33/litre & LPG (Dom) of Rs. 762.50/cyl. For the year 2013-14, the Corporation is expected to incur under-recovery of Rs 74,700 crore on sale of three sensitive products (Industry: Rs 1,44,800 crore)," IOC said.

--IBNS (Posted on 03-01-2014)

india-news headlines

Giriraj defiant even as BJP distances itself; Congress, JD-U move EC

Only Congress can ensure development, says Rahul Gandhi

No Modi wave, only Modi poison, says Jairam Ramesh

Akhilesh, Jaya Bachchan woo voters

India's democracy reaches out to lone voter in Gir forest (Election Special)

BJP distances itself from Giriraj; Congress slams remark

Beni calls Modi murderer, BJP says Congress campaign at nadir

Terror groups now pick sophisticated Indian-made arms, ammunition

Varanasi basks in its importance, ignores 'waves' (Election Special)

India wants Internet to become Equinet

Indian seismologist warned about Mexico quake two months ago

Congress using secularism to digress from real problems: Modi

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014

Comments

Your e-mail:


Your Full Name:


Type verification image:
verification image, type it in the box

Message:

Back to Top