Diesel price to go up by 90 paise per litre

Diesel price will increase by 90 paise per litre plus taxes from Friday-Saturday midnight, the country's largest oil marketing firm Indian Oil Corporation said Friday.

The company has decided to hike the price after a gap of two months.

Indian Oil Corporation said the Rs.0.90 per litre increase in price would cover the increase of April and May.

"Indian Oil Corporation Ltd. has decided to increase the Retail Selling Price of Diesel w.e.f midnight of 10th/11th May '13 by Rs.0.90/litre (excluding VAT) covering the increase for the months of April and May 2013," the company said in a statement.

Allowing for local taxes, the new rates for diesel per litre will be at Rs.49.69 in Delhi, Rs.53.97 in Kolkata, Rs.56.04 in Mumbai and Rs.52.92 in Chennai.

IOC said that in line with the government's authorisation to oil marketing companies to increase the price of diesel within a small range every month, "High Speed Diesel (Retail) prices have been raised by Rs.0.45/litre on three occasions i.e. on 18th January '13, 16th February '13 and 23rd March '13."