State-owned Indian Oil Corporation, the nation's largest fuel retailer, on Tuesday announced that petrol prices will go up by Rs 1.35 per litre with effect from June 1. The IOC says the May 15 hike in petrol prices by Rs 5 is not enough to cover the cost of crude oil and refining it.
"Even after the hike, we are losing Rs 4.58 per litre. After including VAT, the desired increase at retail level comes to Rs 5.50 a litre," IOC Chairman RS Butola said in New Delhi.
The IOC says this is because the Government doesn't compensate the company for selling petrol below market rates.
Similarly, on domestic LPG India Oil is losing Rs 380.57 per cylinder and Rs 25.85 a litre on PDS kerosene.
An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is likely to meet on June 9 to consider raising prices of the three controlled commodities -- diesel, domestic LPG and kerosene.
No comments:
Post a Comment