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Diesel price hiked after polling ends

New Delhi: After a brief hiatus, diesel prices were today hiked by Rs 1.09 a litre, excluding state levies.The monthly increases in diesel rates, which had been put on hold just before India began voting

PTI PTI Updated on: May 12, 2014 21:44 IST

The Cabinet had in January last year decided that diesel prices should be raised by 40-50 paise a litre every month until losses on the fuel are wiped out. However, oil firms skipped the hikes due on April 1 and May 1 as UPA did not want to take unpopular decision during election season.

The deferred hikes have now been implemented.  Before today's increase, diesel prices had risen by a cumulative Rs 8.33 a litre in 14 instalments since January 2013.

There will be no change in petrol rates even though the oil firms were losing about 50 paise a litre due to depreciation in value of rupee against the US dollar.

Oil PSUs IOC, BPCL and HPCL had on April 1 skipped raising diesel rates as per the January 2013 decision of the Cabinet of small monthly raises, on the plea that revenue losses on the fuel have dropped below Rs 6 a litre.

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