Diesel price hiked by 50p per litre
The new price will be effective from midnight on Saturday.
"Indian Oil Corporation Ltd. has decided to increase the retail selling price of Diesel (Retail) by Rs.0.50/litre (excluding state levies) w.e.f midnight of 31st May/1st Jun'14," the Indian Oil Corporation said in a statement.
"The above increase is pursuant to GOI order dated 17th Jan'13, whereby 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. 2.80/litre," it said.
"The Corporation is also suffering under-recoveries on sale of SKO (PDS) of Rs.32.87/litre & LPG (Dom) of Rs. 432.50/cyl. For the year 2014-15, the Corporation is expected to incur under-recovery of around Rs 53,600 crore on sale of three sensitive products (Industry around Rs 1,01,700 crore)," the statement said.
Image: Wikimedia Commons
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