For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Diesel prices maybe hiked as OMCs face under recoveries

|
 Diesel prices maybe hiked as OMCs face under recoveries
Diesel prices are set to be hiked by Rs 3 at the very least and Rs 5 maximum, that is likely to accelerate inflation and hit consumers.
 

According to a Reuters report the timing and the quantum of the hike is a political decision," said a government official who declined to be named. "But it should happen. Political discussions are going on." The official said it would come sometime after the current parliament session ends on Saturday.

Oil Marketing Companies are currently (eff. 1-Sep-13) incurring daily under-recovery of Rs 461 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is largely as a result of a sharp depreciation in the rupee and accelerating prices of crude globally.

Meanwhile, the Indian crude basket rose to Rs 7392, as on September 5, as against Rs 7145 for the fortnight ending August 31.

A hike in diesel prices is likely to hit consumers hard, given that it would increase the cost of transportation.

GoodReturns.in

Read more about: diesel kerosene lpg
Story first published: Saturday, September 7, 2013, 11:45 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more