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Diesel price hiked by 50 paise a litre

Diesel price hiked by 50 paise a litre

New Delhi: The diesel price will go up by 50 paise a litre, excluding taxes, from midnight Saturday, state-run oil marketing company Indian Oil Corporation said.

"Indian Oil Corporation has decided to increase the retail selling price of diesel by Rs.0.50 per litre, excluding state levies from midnight of Nov 30," the largest oil marketing company (OMC) said in a statement.

The petrol price remains unchanged. While the petrol price is market-linked and revised periodically depending on the international crude oil price, the diesel price is subsidised and the OMCs are only allowed to hike it by a "small amount" every month.

"Even after the current increase, under recovery on retail diesel shall stand at Rs. 9.99 per litre," the IOC further said.

The OMCs which review prices of diesel and petrol every fortnight had last increased the diesel price by Rs.0.50 per litre on Oct 31, while the petrol price was cut by Rs.1.15 a litre.

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