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Get set for a major hike in diesel prices

With the Karnataka assembly polls coming to an end, brace yourself for a hike in diesel prices, this time may be even double of the otherwise monthly increase of 50 paise a litre.

business Updated: May 08, 2013 20:45 IST
Anupama Airy

With the Karnataka assembly polls coming to an end, brace yourself for a hike in diesel prices, this time may be even double of the otherwise monthly increase of 50 paise a litre.

Diesel is currently priced at Rs 48.67 a litre (in Delhi).

After three consecutive hikes of 50 paise each in diesel prices beginning January, the government, through an informal diktat, had refrained oil companies from revising prices in April due to the Karnataka polls.

The hike could be announced anytime soon, a senior oil company official said on the condition of anonymity. “Diesel prices were not revised in April and so the two hikes of close to R1 a litre may be passed together or staggered over the month as two hikes of 50 paise each... We will seek the Centre’s approval for the same.”

Following a fall in global crude oil prices, oil companies have been implementing a series of reductions in petrol prices over the past two months, the last being on April 30.

The price of petrol was slashed by Rs 3 per litre last week, the steepest cut in more than four years. Coming ahead of the Karnataka polls, the reduction in petrol prices coupled with no change in diesel prices came as a big support for the ruling Congress-led UPA government.