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IOC seeks hike in petrol, diesel prices

Kolkata: Faced with huge under-recoveries, the Indian Oil Corporation (IOC) today sought an immediate upward revision of petrol and diesel prices to the extent of Rs 10.50 per litre. "At present prices, the company is incurring a daily loss of Rs. 160 crores. IOC is facing under-recovery to the extent of Rs. 10.50 per litre in petrol and diesel," IOC Chairman Sarthak Behuria said.

He said these prices were not sustainable and the government should revise the prices upwards.

In addition to this, Mr. Behuria also urged the government to lighten the subsidy burden on account of LPG and kerosene by way of loss sharing formula along with other oil companies. In LPG, under-recovery was Rs. 130 per cylinder, while that for kerosene was Rs. 14 per litre.

- PTI

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