Diesel price hiked by 50 paise a litre

Diesel price hiked by 50 paise a litre

Cars wait in line for fuel at a Gulf gas station on November 1, 2012 in Fort Lee, New Jersey. The US death toll from Hurricane Sandy rose to at least 85 as New York reported a major jump in fatalities caused by Monday's storm. Fuel shortages led to long lines of cars at gasoline stations in many states and the country faced a storm bill of tens of billions of dollars.    AFP PHOTO/Brendan SMIALOWSKI        (Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images)State-run oil marketing companies (OMCs) Friday hiked diesel price by 50 paise per litre, effective from midnight, in line with its policy of reducing under-recoveries or losses.

Diesel price was last hiked by 50 paise, excluding VAT, on Jan 4.

Allowing for local taxes, diesel will cost Rs.54.91 in Delhi, Rs.59.50 in Kolkata, Rs.63.23 in Mumbai and Rs.58.56 in Chennai.

The government had, in January 2013, permitted OMCs to increase diesel price by small doses of up to 50 paise per litre every month till their losses on this account are completely eliminated.

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