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Article: INDIAN OIL CORP DEMANDS SHARP HIKE IN PETROL, DIESEL PRICES.

Article from:
AsiaPulse News
Article date:
April 14, 2005
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NEW DELHI, April 14 Asia Pulse - State-owned Indian Oil Corp (NSI:IOC) today sought a massive Rs 4.59 per litre increase in petrol and Rs 5.18 a litre hike in diesel prices to commensurate the surge in cost of raw material (crude oil), increase in taxes and additional cost for producing cleaner fuel.

"Oil companies are losing heavily (due to price freeze). In first fortnight of April, IOC alone is losing Rs 649 crore on petrol, diesel, LPG and kerosene. We expect the government to syampathicaly consider our demand," IOC chairman Sarthak Behuria said at a news conference here.

The spike in crude prices necessiate a Rs 1.17 per litre increase in petrol ...

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