Will still lose 10.3/L on diesel: IndianOil
New Delhi   16-Feb-2013

A statement by IndianOil, the country’s largest refiner-retailer, said they would continue to lose Rs 10.3 a litre on diesel even after two consecutive revisions as cost of crude has risen by 4% to $113.2 a barrel.

Present pump price of diesel is Rs 10.7 a litre less than the fuels benchmark rate in the Singapore bulk market.

The government had removed pricing controls on petrol in June 2010.The fuels price was last raised in October by some 29 paise after the government increased dealers commission. The IndianOil statement said Fridays price revision was sparked by a 7.5% increase in its benchmark price since the last revision.

The IndianOil statement said the fortnightly average for crude price has increased from $109 per barrel at the time of last revision on January 18 to $113.2.Similarly,the 15-day average of international price of gasoline trade name for petrol has risen from $119.6 a barrel to $128.6.In fact, petrol prices are at present hovering around $132.8 per barrel.TNN