Indian Oil Corporation (IOC), the country’s biggest refiner, has hiked diesel prices by about 1% from March 23, 2013, in line with the flexibility given by the government. The increase indicates the UPA government’s resolve to reform fuel pricing with a view to pruning a ballooning fuel subsidy bill, estimated at Rs 163,000 crore this fiscal for diesel, cooking gas and kerosene.
The government, back in January 2013, allowed state fuel retailers flexibility to raise diesel price in ‘small doses’ every month till pump prices align with market rates.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
