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You are here: Home India Business Diesel prices to be hiked 40-50 paise every month: Moily

Diesel prices to be hiked 40-50 paise every month: Moily

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New Delhi: Diesel prices will be hiked by 40-50 paise per litre every month till losses on the nation’s most used fuel are completly wiped out, Oil Minister M Veerappa Moily said on February 1.

“Until further orders, oil marketing companies can increase it (diesel price) by 40-50 paise (per litre) every month,” he told reporters here.

The government had on January 17 decided to move towards deregulating or freeing 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.

Diesel is currently sold at a loss of over Rs 10.80 per litre. On January 17, oil firms hiked diesel price by 45 paise.

After including local VAT, the increase in Delhi came to 50 paisa. The diesel now costs Rs 47.65 a litre in the capital.

Moily said the decision to raise diesel prices in small doses every month will stand “until further orders.”