Diesel is all set to get dearer soon. Oil companies are likely to announce another round of diesel price hike in a day or two. The price hike would provide some respite to oil retailers who are currently incurring a loss of around Rs 10 per litre on sale of diesel.
After Indian Oil Corp (IOC), the country's largest fuel retailer by sales hikes petrol price by Rs 1.50 paisa per litre and diesel prices by 45 paise per litre. Other oil companies are likely to announce another round of diesel price hike in a day or two. Speaking to CNBC-TV18 about the fuel hike, RK Singh, chairman and MD of Bharat Petroleum Corporation (BPCL) says "Clear decision from government to hike diesel on monthly basis, do not see difficulty in minor diesel hikes every month," adds Singh.
Further, Singh mentions that there is very definite and clear decision about the periodicity of the hike as also the quantum of hike. This was not the case with petrol. Government has indicated that oil companies can raise the price between 40-50 paise per month. "I do not see ambiguity or need for any consultation but being a government company, informing the ministry becomes necessary. So, I don't rule that out but do not find any difficulty in implementing the hike in a day or two," Singh adds.