Rs 1.09 /litre hike in diesel prices from Tuesday
May 12, 2014
New Delhi, 12 May, 2014
Update: Diesel prices jumped by Rs 1.09 per litre from Tuesday
Diesel prices may rise by 80 paise per litre soon as the Election Commission has rejected oil ministry’s proposal to shelve cabinet decision of raising its rate in small monthly doses. The revenue loss on the fuel is currently Rs 6.80 per litre and it is for the oil ministry to take a decision. With proposed 80 paise hike, revenue loss on diesel is expected to be around Rs 5 per litre from May 16. In January last year, the Cabinet had allowed state oil firms to raise diesel rates by 50 paise per month until their revenue losses are completely wiped out.
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