OMCs can hike diesel prices by 40-50 paise monthly to cover losses: Moily

Petroleum minister M Veerappa Moily today said the oilmarketing companies can hike diesel prices by 40-50 paise per litre every month till losses on the nation's most used fuel are completly wiped out.

Earlier on Jan. 17, the government had decided to move towards deregulating or freeing diesel prices from state control and gave powers to state-owned oil firms to raise prices in small measures every month till all of their losses are wiped out.

On the other hand, jet fuel prices were hiked by 2% today, reversing the two month declining trend in rates.