Over the next few weeks, the expert groups formed at the last diesel forum will start work and develop further measures for a second diesel summit in autumn.
Currently, prices are revised on 1st and 16th of every month based on the fortnightly average of international oil price and the foreign exchange rate.
Currently, state fuel retailers currently revise rates on the 1st and 16th of every month on the basis of average international price of fuel in the preceding fortnight and currency exchange rate.
Actual reduction in price will be more after taking into account local VAT. Petrol in Delhi will cost Rs 65.32 a litre from tomorrow as against Rs 68.09 currently.
The project will be implemented in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh, said IOC Chairman B Ashok
The increase was warranted because of a rise in international gasoline (petrol) price to USD 62.82 per barrel from USD 57.43 and that of diesel to USD 60.97 from USD 56.79.
The Authority suggested ‘relaxation’ of the ban in such a manner that neither the owners of diesel vehicles suffer financial losses nor is there any harm to the environment, said sources.
Sarah Hafeez explains what exactly a diesel car owner has to do to switch to the cleaner fuel
“…ban on diesel vehicle is not going to achieve the desired objective of reducing pollution, but will vilify diesel technology,” said SIAM.
The hikes will be effective midnight on Wednesday, the company said adding that the hardening of global crude oil rates warranted such an increase.
Petrol price was on Friday cut by 32 paise a litre and diesel’s by 85 paise a litre, the fourth reduction in rates in six weeks on the back of softening global oil prices.
The spike in diesel car sales has been accompanied by the mushrooming of mobile towers and malls, all of which use generator set, which run on diesel.
Petrol will cost Rs 61.06 per litre from midnight on Saturday as against Rs 60.70 a litre currently, said Indian Oil Corp, the nation’s largest fuel retailer.
Price of petrol in Delhi has been cut by Rs 2 per litre, including local levies, and will cost Rs 61.20 per litre from Tuesday as against Rs 63.20 currently.
Petrol in Delhi will cost Rs 63.20 per litre from tomorrow as against Rs 64.47 a litre currently. A litre of diesel will
cost Rs 44.95 as compared to Rs 46.12 currently.