No roll-back of increase in diesel prices: Moily

Tags: Petroleum
Ruling out roll-back of the "small" 45 paisa increase in diesel prices, Oil Minister M Veerappa Moily today said bulk consumers like Railways will have to find their own budget to buy the fuel at market price.

"No, no, there is no question of roll back," Moily, who is here to attend the Congress brainstorming session, told reporters.

The government had two days back raised diesel prices after a gap of four months by a marginal 45 paisa per liter for retail users like car and truck owners and hiked the rate for bulk users like defence and Railways by about Rs 10, to cut subsidy bill.

After including local sales tax or VAT, price of diesel for retail users went up by 50 paisa to Rs Rs 47.65 a litre in Delhi.

Bulk users, which consumer around 17.77 per cent of the total diesel sales in the country, will pay Rs 56.88 a litre in Delhi.

The government has refused to call its January 17 decision deregulation even though it has permitted oil companies to raise diesel prices by the same quantum from time to time till the over Rs 9 per litre loss on the fuel is wiped out.

Moily said diesel and petrol had been deregulated by the BJP-led NDA government in 2002, but the UPA government had continues to subsidise diesel, the nation's most consumed fuel.

"This (deregulation) has been going on even during the days of NDA," he said. "(There were demands that) there should be deregulation of diesel and this is the only commodity where we have the regulations."

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

FC NEWSLETTER

Stay informed on our latest news!

EDITORIAL OF THE DAY

  • Highly leveraged Indian companies need to take a lesson on moderation

    The famous Warren Buffet quote that “only when the tide goes out do you discover who’s been swimming naked” is ringing true for Indian companies

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Richard Rekhy

What truly ails our great country

“The difference between a corrupt and an honest person; the ...

Purnendu Ghosh

Are there variations in a mother’s love?

A little girl asks her mother so affectionately, “Ma how ...

Gautam Gupta

Immense potential of e-commerce in fashion and apparel

Michael Aldrich launched online shopping in1979 with no clue whatsoever ...