Diesel prices hiked by 50 paise/litre, excluding VAT

Moneycontrol Bureau

After petrol price hike of Rs 1.82 per litre on Friday, Indian Oil Corporation today announced a hike in diesel prices by 50 paise per litre, excluding VAT with effect from midnight tonight.

This is the seventh hike in diesel price since January when the government authorised state-owned oil firms to increase prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out.

Also read: Petrol price up by Rs 1.82/L; to cost Rs 76.90/L in Mumbai

IOC further added that oil marketing companies' losses on diesel have widened to Rs 8.10 a litre from Rs 6.31 a litre at the middle of the month.

On Friday, petroleum minister Veerappa Moily had told CNBC-TV18 that diesel prices would not be increased by a higher quantum despite a depreciating rupee. OMCs will only be allowed to increase diesel prices once again only by the mandated quantum of 45 paise to 50 paise per litre.

Following are the revised prices of diesel in four metros after oil firms hiked rates with effective from midnight tonight.

Revised diesel prices
City	Current Price	Revised Price	Increase
Mumbai	56.99	57.61	0.62
Delhi	50.26	50.84	0.58
Chennai	53.54	54.15	0.61
Kolkata	54.57	55.16	0.59