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Diesel prices hiked again by 45 paise from
Saturday
Friday March 22, 2013 11:16:36 PM,
IANS
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New Delhi: Indian
Oil Corp (IOC) raised diesel prices Friday by 45 paise per litre,
in line with its policy of reducing under-recoveries or losses.
The diesel hike, that will come into effect from midnight, is the
third since January.
"Indian Oil Corporation Ltd. has decided to increase the retail
selling price of diesel w.e.f midnight of 22nd /23rd March 2013 by
Re.0.45 per litre (excluding VAT) in line with the flexibility
given by the government to OMCs (oil marketing companies) to
revise the diesel prices," said an IOC statement here.
Prices were last revised upward by 45 paise per litre (excluding
VAT) on Feb 16.
After the current increase, the under-recovery on diesel will be
at Rs.8.19 per litre, the statement said.
The price of diesel in Delhi will go up by 51 paise per litre
after including VAT, to Rs.48.67 per litre.
In Mumbai, diesel will cost Rs.54.83 per litre from Saturday.
The government had, in January, permited OMCs to increase diesel
prices by small doses of up to 50 paise per litre every month till
their losses on this account are completely eliminated.
Since then, diesel rates have been hiked by over Rs.1.50 per litre
in three instalments.
In addition to diesel, OMCs also incur under-recovery on sale of
public distribution kerosene at Rs.33.43 per litre and on cooking
gas (LPG) at Rs.439 per cylinder.
"Current year estimate of under-recovery on sale of three
sensitive products for the Corporation is Rs.86,400 crore
approximately (Industry estimate Rs.163,000 crore)," said IOC.
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