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

'Gujarat model: It is about economic freedom, innovation, pride'

PoK Refugees continue to live without cultural identity

Ajit Pawar threat video: AAP complains to EC

India, US poised on more collaborative path: Envoy

Poll panel allows Amit Shah to resume campaign

PETA urges health ministry to ban sale of animal-tested products

'Restrain government from going ahead with search for Lokpal'

Congress government survived because of CBI: Narendra Modi

CAG can audit telecom operators: Supreme Court

Rahul Gandhi accuses BJP of dividing country

Over 69 percent voting in Udhampur: CEO

Media promotes AAP, not Left: CPI-M

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