Prices of diesel likely to increase by Rs. 4 – 5 per...

Prices of diesel likely to increase by Rs. 4 – 5 per litre

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After a massive hike in the prices of petrol in India, the government is now planning to also rope in the diesel fuel in terms of a major hike. There are chances that the prices of diesel, which has till now been left untouched, might also go up by Rs. 4 to 5 per litre.

However, there are indications that there might be a slight cut in the prices of petrol. A meeting of the ministers will be held anytime after May 31, during which the decision on the hike in the prices of diesel will be taken.

The official sources have informed that the hike could range somewhere in between Rs. 4 to Rs. 5, which the actual demand was Rs. 12 per litre. The sources on the condition of anonymity said, “The huge subsidy on diesel, LPG and Kerosene has almost thrown government’s finances in a disarray and the revision is warranted in order to check that”.

The oil companies owned by the state are currently losing Rs. 512 crore per day on selling diesel, kerosene and domestic LPG. Reports say that diesel is at present sold at a loss of Rs. 15.35 per litre, while kerosene at Rs. 32.98 per litre loss.