Zee Media Bureau/Reema Sharma
New Delhi: Union Oil Minister M Veerappa Moily on Wednesday said that Oil Marketing Companies (OMCs) can hike diesel prices by more than 50 paise per litre every month.
This is a revision of his statement in February this year when he said that diesel prices will be hiked by 40-50 paise per litre every month till ‘losses on the nation's most used fuel are completely wiped out’
The minister however said that hike in price of LPG and Kerosene is unlikely.
The government had on January 17 deregulated diesel prices from state control and gave powers to state-owned oil firms to raise prices in small measures every month till all of their losses are wiped out.
Petrol price was last hiked by 70 paisa per litre and diesel by 50 paisa per litre on 31st July this year.
Announcing the price hikes, Indian Oil Corp (IOC), the nation's largest fuel retailer, said it will end the fiscal with a revenue loss of Rs 1,28,500 crore on sale of diesel, domestic cooking gas (LPG) and kerosene.
First Published: Wednesday, August 14, 2013, 12:46