Indian Oil Corporation Ltd. has said that it has increased the Retail Selling Price of Diesel w.e.f midnight of 22nd /23rd March'13 by Rs.0.45 per litre (excluding VAT) in line with the flexibility given by the Government to OMCs to revise the Diesel prices.
Retail HSD prices were last revised upward by Rs.0.45 per litre (excl VAT) on 16th Feb'13. After the current increase the under-recovery on Retail HSD shall stand at Rs.8.19 per litre.
In addition to Retail HSD, OMCs are also suffering under-recovery on sale of SKO (PDS) of Rs.33.43 per litre & LPG (Dom) of Rs.439.00 per cylinder. Current year estimate of under-recovery on sale of three sensitive products for the Corporation is Rs.86400 crore app (Industry estimate Rs.163000 crore).