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Oil marketing firms, who had got freedom last month to raise retail price of diesel periodically till the under-recoveries on the fuel is eliminated, are set for another round of review.
Indian Oil Corp chairman RS Butola said on Wednesday that diesel price would be "reviewed in a few days." The price was hiked by 45-50 paise on January 16 following a government directive. Butola also hinted at a hike in price of petrol.
"We have increased diesel price last time by 45 paise. We will review it again in the next few days. On petrol we are still incurring losses," he said.
Diesel accounts for 60 per cent of the under-recoveries oil marketing companies make, which is estimated at about Rs 1.6 lakh crore this fiscal, with the government share of the subsidy being around Rs 1 lakh crore. FE