Government Hikes Petrol Diesel Prices Marginally (08-Sep-2010)
The government has hiked the prices of petrol and diesel marginally across the country with effect from Tuesday midnight to accommodate the demand of retail dealers for higher commissions. Prices of petrol have been increased by 11-12 paise a litre while diesel will become costlier by and 9-10 paise a litre.
The oil ministry had earlier on Tuesday morning cleared a proposal to raise dealer commission from Rs 1,125 per kilolitre to Rs 1,218 for selling petrol. Similarly, dealer commission on diesel has been hiked from Rs 673 to Rs 757 per kilolitre. The increase in prices is the result of hike in dealer commission only and will not benefit the oil marketing companies in any direct way.
The Federation of All India Petrol Traders had demanded that the government increase dealer commission as maintenance costs had increased due to wage inflation and rising cost of power etc. The association had threatened to go on an indefinite strike from September 20 if its demands were not met.
Earlier, the government had hiked the prices of petrol and diesel by Rs 3.50 a litre and Rs 2.00 a litre respectively. Petrol has been made completely market determined with OMCs free to decide its price based on global crude prices. Diesel prices too are likely to be moved with the market prices, though it would continue to attract some fixed amount of subsidy. However, since the initial move in June, the OMCs have not revised prices of either of the fuels.
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