The diesel price has been revised upwards by 50 paise a litre, excluding State levies, effective Saturday/Sunday midnight.
Last, it was revised by similar amount on October 31. After the current increase, the gap between selling price and market price of diesel (commonly known as under recovery) would be Rs. 9.99/litre.
In January, the Government allowed public sector oil marketing companies (IOC, BPCL and HPCL) to increase diesel price in small doses to sync it with market price.
Recently, Petroleum & Natural Gas Minister M Veerappa Moily told Business Line that on going elections in States have no role to play in deciding diesel price and his Government would make it in line with international prices.