Diesel price hiked Rs 1.09 per litre
New Delhi, May 12 (IBNS): Adding more burden on consumers, diesel price has been hiked by Rs. 1.09 per litre to be effective from midnight on Monday.
"Indian Oil Corporation Ltd. has decided to Increase the Price of Diesel (Retail) by Rs. 1.09/litre (excluding state levies) w.e.f midnight of 12th / 13th May, 2014," the Indian Oil Corporation said in a statement.
"In pursuant to Gal order dated 17th Jan'13, OMCs had been authorized to increase the retail selling price of Diesel (Retail) within a small range every month until further orders. Since then, Retail Diesel prices have been revised every month. As a sequel to the under- recovery on Diesel having fallen below Rs 6.00/Iitre, MoP&NG had referred the matter to Election Commission of India on 31.3.14. Accordingly, PSU OMCs did not increase prices of Diesel (Retail) on 1.4.14 and also on 1.5.14," it said.
"As the proposed change has not been accepted by the Election Commission, the OMCs are required to effect both the price increases together. Further, as a result of non-increase of prices since 1.4.14, there is a small impact which is also required to be passed on in the price of Diesel (Retail). In view of the above, it is proposed to increase the prices of Diesel (Retail) by Rs 1.091 litre (excluding VAT) w.e.f midnight of 12th / 13th May, 2014," read the statement.
"Even after the proposed price increase, Diesel (Retail) shall still be left with an under- recovery of Rs 5.71/litre (based on pricing cycle applicable for 1st fortnight of May14)," it said.
The hike was announced on a day when the ninth and final phase of the Lok Sabha polls ended.
Image: Eikimedia Commons
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