ET:Oil companies hike petrol, diesel prices on global cues
NEW DELHI: Petrol prices will go up by 88 paise per litre and diesel by 62 paise from Thursday in the city. State oil firms cited rising international crude oil rates as the reason to hike prices. Oil firms have raised petrol prices five times since June while diesel rates have been raised by about 50 paise every month since January 17.
"Petrol price has been raised by 70 paise per litre and diesel by 50 paise throughout the country, but pump prices will vary from city to city depending on state and local taxes," said an executive of Indian Oil Corp, country's biggest fuel retailer.
Even after the current increase, revenue loss on retail diesel sale is at Rs 9.29 per litre, the executive said. The oil companies have been demanding a steeper diesel price hike to make up their revenue losses on the fuel, but the government decided against it.
