 "OMCs increase diesel prices by 50 paise")
Thus, diesel would cost Rs 53.67 per litre in New Delhi and Rs 60.70 per litre in Mumbai.
Even after the current increase, under recovery on retail diesel shall stand at about Rs 10 per litre.
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"The increase is pursuant to government of India order dated 17 January 2013, whereby OMCs have been authorized to increase the retail selling price of diesel within a small range every month until further orders. Accordingly, since then, detail diesel prices are being revised every month," said IndianOil Corporation Limited (IOCL) in a press statement.
IOCL is also suffering under-recoveries on sale of kerosene at Rs 36.20 per litre and Liquefied Petroleum Gas at Rs 542.50 per cylinder.
For the year 2013-14, the Corporation is expected to incur under-recovery of around Rs 72,000 crore on sale of three sensitive products whereas under recoveries for the industry would be around Rs 1,39,000 crore.
Though Brent crude oil price saw a two per cent fall this week, OMCs did not revise the price for petrol. Crude oil price fell after Iran reached an agreement with the US, the UK, Russia, China, France and Germany to allow inspection of Iranian nuclear sites while receiving relief on the sanction front.