Oil Minister M Veerappa Moily has mentioned that no proposal has been moved to the Cabinet for raising diesel rates beyond the 40-50 paise a litre monthly increase, which has been implemented since January this year. As on this day, there is no proposal to increase price of diesel except for what the Cabinet had authorised in January.
With rupee depreciating sharply this fiscal, the difference between the cost of producing fuel and the retail selling price has widened. Diesel is currently being sold at a loss of Rs 14.50 per litre. Besides, state-owned oil firms are also losing Rs 36.83 per litre on kerosene sold through ration shops and Rs 470.38 per 14.2-kg cooking gas (LPG) cylinder. The ministry had been mulling hiking diesel price by Rs 3-5 per litre, kerosene by Rs 2 and LPG by Rs 50 per cylinder to cut losses by Rs 20,000 crore.
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