OREANDA-NEWS. 1. Indian Oil Corporation Ltd. has decided to effect the following price changes w.e.f midnight of 28th Feb/1st Mar'14.

• Increase in retail selling price of Petrol by Rs. 0.60/ litre (excluding state levies).

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

2. The price of Petrol were last revised upwards by Rs. 0.75/litre (excluding state levies) w.e.f 4th January 2014. Since the last price change, international prices of MS have increased from USD 116.04/bbl to USD 118.10/bbl, and the INR-USD exchange rate has also depreciated from Rs. 62.02/USD to Rs. 62.12/USD . The combined impact of both these factors, has warranted the increase in Petrol prices by Rs. 0.60/ litre (excluding state levies).

3. In addition to above, in pursuant to GOI order dated 17th Jan'13, OMCs have been authorized to increase the retail selling price of Diesel (Retail) within a small range every month until further orders. Accordingly, since then, Retail Diesel prices are being revised every month. In continuation of 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. 8.37/litre.

4. The Corporation is continuing to suffer under-recoveries on sale of SKO (PDS) of Rs. 36.34/litre & LPG (Dom) of Rs. 605.50/cyl.

5. For the year 2013-14, the Corporation is expected to incur under-recovery of around Rs. 74000 crore on sale of three sensitive products (Industry around Rs. 1,43,000 crore)

6. The movement of prices in international oil market and INR-USD exchange rate is being closely monitored and developing trends of the market will be reflected in future price changes.