A week before polling begins, the government has put on hold the monthly increase in diesel prices and sought the Election Commission’s nod to abandon further hikes. State firms have also cut petrol prices by 90 paise per litre as the rupee has strengthened while international price softened in the past two weeks.
Indian Oil Corp said that oil firms are awaiting further orders before raising diesel prices. It said oil firms had been abiding by the oil ministry order dated January 17 2013 to raise diesel prices every month by about 50 paise, but the gap between the administered and market rates of the fuel has now fallen to Rs.5.93 per litre. “(This) is below Rs.6/ litre, which is the interim subsidy cap recommended by the Expert Group 2013 of Kirit Parikh. Hence, the issue of monthly price increase is under consideration and the matter has been referred to the Election Commission. A decision regarding revision of diesel price shall therefore be taken on receipt of further advice by the Govt,” it said.
Indian Oil Corp said that oil firms are awaiting further orders before raising diesel prices. It said oil firms had been abiding by the oil ministry order dated January 17 2013 to raise diesel prices every month by about 50 paise, but the gap between the administered and market rates of the fuel has now fallen to Rs.5.93 per litre. “(This) is below Rs.6/ litre, which is the interim subsidy cap recommended by the Expert Group 2013 of Kirit Parikh. Hence, the issue of monthly price increase is under consideration and the matter has been referred to the Election Commission. A decision regarding revision of diesel price shall therefore be taken on receipt of further advice by the Govt,” it said.
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