Petrol price hiked 75p/ltr, diesel 50p with effect from midnight tonight

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The hikes in petrol and diesel prices, effective midnight tonight, are excluding local sales tax or VAT. (Reuters) The hikes in petrol and diesel prices, effective midnight tonight, are excluding local sales tax or VAT. (Reuters)
SummaryThe drive is getting dearer by the day as petrol and diesel prices have been hiked yet again.

a continued volatility in the international oil prices because of geopolitical and economic developments around the globe, it said.

On diesel, it said, the government had on January 17, 2013 authorised oil marketing companies to increase the retail selling price within a small range every month.

"Accordingly, since then, retail diesel prices are being revised every month.... Even after the current increase, under recovery (loss) on diesel shall stand at Rs 9.24 per litre," it said.

Besides diesel, the state-owned oil firms are losing Rs 37.33 a litre on sale of kerosene through public distribution system (PDS) and Rs 762.50 per 14.2-kg domestic cooking gas (LPG) cylinder.

"For the (financial) year 2013-14, IOC is expected to incur under-recovery (revenue loss) of Rs 74,700 crore on sale of three sensitive products," the statement said, adding that the industry would end the year with Rs 1,44,800 crore loss.

The movement of prices in the international oil market and the exchange rate are being closely monitored and developing trends of the market will be reflected in future price changes, IOC added.

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