Diesel price was today hiked by 50 paise per litre but there will be no change in petrol rates. The hike, effective midnight tonight, is excluding local sales tax or VAT. The actual increase will be higher and will vary from city to city. However, the price of non-subsidised cooking gas (LPG), which customers buy after consuming their quota of 12 subsidised cylinders, was cut by Rs 107 per cylinder on easing international rates.
Besides losses in diesel, IOC was losing Rs 35.76 a litre on sale of kerosene through Public Distribution System (PDS) and Rs 656 on sale of 14.2-kg subsidised domestic LPG cylinder. "For the year 2013-14, the Corporation is expected to incur under-recovery (revenue loss) of around Rs 73,700 crore on sale of three sensitive products and industry (IOC plus Bharat Petroleum Corp and Hindustan Petroleum Corp ) would incur around Rs 1,42,000 crore," the statement added.
Besides losses in diesel, IOC was losing Rs 35.76 a litre on sale of kerosene through Public Distribution System (PDS) and Rs 656 on sale of 14.2-kg subsidised domestic LPG cylinder. "For the year 2013-14, the Corporation is expected to incur under-recovery (revenue loss) of around Rs 73,700 crore on sale of three sensitive products and industry (IOC plus Bharat Petroleum Corp and Hindustan Petroleum Corp ) would incur around Rs 1,42,000 crore," the statement added.