OREANDA-NEWS. Indian Oil Corporation Ltd. has decided to effect the following price changes w.e.f midnight of 31st May'13 / 1st June'13:

Increase in retail selling prices of Petrol by Rs. 0.75/litre (excluding state levies)

Increase in retail selling price of Diesel (retail) by Rs. 0.50/litre (excluding state levies)

Prices of Petrol were last revised downwards on 1st May'13 by Rs. 2.50/litre (excluding state levies). The current increase is required mainly due to depreciation of Rupee from Rs 54.26/USD to Rs 55.32/USD.

Further, in pursuant to GOI order dated 17th Jan'13, OMCs have been authorised to increase the retail selling price of Diesel within a small range every month until further orders. Accordingly, since then, retail Diesel prices are being revised every month. In continuation of the above, Indian Oil Corporation Ltd. has decided to effect the aforesaid increase in retail Diesel prices. Even after the current increase, under-recovery on retail Diesel shall stand at Rs. 4.87/ litre.

In addition to HSD (Retail), OMCs continue to suffer under-recovery on sale of SKO (PDS) of Rs.27.75/litre & LPG (Dom) of Rs.334.50/cyl.