PETROL, DIESEL PRICES UP

Petrol prices were hiked by 41 paise per litre, and of diesel by a little under 10 paise a litre, both excluding sales tax or VAT, with effect from Friday midnight, after the government raised the commission paid to fuel dealers.'The government has now decided to revise the dealer's commission on diesel from Rs.1,089 per kilolitre (or 1.089 per litre) to Rs.1,186 per kl for the entire country with immediate effect,' a petroleum ministry statement said here.

Diesel, which is sold at Rs.53.67 a litre in Delhi, will cost Rs.53.77 after the hike. Diesel prices were last revised on Dec 1, when they went up by 57 paise.State-run Indian Oil Corp said the commission paid to petrol pump operators is being raised by 21 paisa on petrol to Rs.1.95 a litre.Petrol in Delhi currently costs Rs 71.02 per litre and after the increase, it will be priced around Rs 71.50.The commission on diesel was previously revised on Oct 26, 2012, when it was raised from Rs. 912 per kl.

'Public sector oil marketing companies were requested by the ministry to rework the quantum of dealer's commission on diesel (as due) keeping in mind escalations that may have occurred in the meantime. The industry worked out the same and submitted its recommendations to the ministry,' said the statement.It said the revision was delayed as the model code of conduct was in force on account of the assembly elections in five states.