- Parikh panel for Rs 4-5/litre diesel price hikeKirit Parikh wants Rs 5 diesel price hike, LPG cylinder by whopping Rs 250, kerosene by Rs 4Petrol price slashed by Rs 1.15 per litre, diesel rate hiked by 50 paise/litreDiesel price hike coming as M Veerappa Moily slashes deregulation deadline
to depreciation of the rupee.
Besides diesel, oil firms lose Rs 36.20 per litre on kerosene sold through the public distribution system and Rs 542.50 per 14.2-kg cylinder of domestic cooking gas (LPG).
The losses on kerosene and LPG have widened from Rs 35.77 per litre and Rs 482.50 per cylinder, respectively, at the beginning of the month.
"For the year 2013-14, the Corporation is expected to incur under-recovery of around Rs 72,000 crore on sale of three sensitive products," the IOC statement said.
The combined loss for IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp is estimated at about Rs 1,39,000 crore.