New Delhi, May 12 (IANS): State-run oil marketing companies (OMCs) Monday hiked diesel price by Rs.1.09 a litre excluding taxes, effective from midnight Monday. The raise in price was in line with the policy of reducing under-recoveries or losses. The OMCs had skipped two monthly price revisions earlier due to the election process which ended after last the phase of polling Monday.
“As the proposed (price) change has not been accepted by the Election Commission, the OMCs are required to effect both the price increases together. Further, as a result of non-increase of prices since 1.4.14, there is a small impact which is also required to be passed on in the price of Diesel,” Indian Oil said in a statement.
