Monthly diesel price hike could be more than 50 paise: Oil Min

Says the ministry was considering the one time hike to bridge losses

Government will consider a request from oil marketing companies to be allowed to raise diesel prices by more than the approved 50 paise a month, the country's oil minister, M Veerappa Moily, told television channel CNBC TV18.

"That's under consideration, but we have not yet decided," Moily told the news channel when asked whether the government would allow companies to raise retail prices for diesel beyond 50 paise a month currently allowed.

In January, government had allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates.

Any diesel hike would need cabinet approval.