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IOC raises petrol price by Rs 1.50/l, diesel by 45 paise/l

This article was posted on Feb 16, 2013 and is filed under Market News

Indian Oil Corp (IOC), the country’s largest fuel retailer by sales, has hiked petrol price by Rs 1.50 paisa per litre and diesel prices by 45 paise per litre.

Moneycontrol Bureau

Indian Oil Corp (IOC), the country’s largest fuel retailer by sales, has hiked petrol price by Rs 1.50 paisa per litre and diesel prices by 45 paise per litre with effect from midnight tonight.

As per government data, fuel retailers are currently suffering a revenue loss of 1.23 rupees a litre on retail sales of petrol. IOC says the revenue loss on diesel sale to now fall to Rs 10.27 per litre. It sees the FY13 revenue loss on subsidized fuels at over Rs 86,000 crore.

The government had said last month it would allow fuel retailers to raise the price of subsidised diesel by 0.40 rupees-0.50 rupees a litre every month and asked bulk buyers to pay market rates.

Petrol price in Delhi will go up by almost Rs 1.80 per litre after taking into account 19 per cent VAT. Diesel rates would go up by 51 paise. New rates for petrol in Delhi would be Rs 69.05 per litre, while a litre of diesel will cost Rs 48.16.

For more visit: Moneycontrol.com

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