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Hike in diesel price
Posted on: 28/Aug/2013 3:11:11 PM
Since the Indian rupee slipped past 68 levels on Wednesday, down nearly 25 per cent from May, as concerns about the current account deficit and outflows from Indian assets have continued to put downward pressure on the currency.
This has led to import cost of oil companies to jump from Rs. 5600/barrel in May to Rs. 7000/barrel in May. Hence Diesel prices are likely to go up sharply after the monsoon session of Parliament ends on September 6. Oil companies have asked the oil ministry for a one-time hike of diesel prices by at least Rs. 5-6 per litre.
Fuel retailers Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum Corp sell diesel, kerosene and cooking gas at subsidised rates. These oil companies are suffering a loss of over Rs. 10/litre on diesel.
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