The government gave powers to state-owned oil firms to raise prices in small measures every month till all of their losses are wiped out.

New Delhi: Diesel prices will be hiked by 40-50 paise per litre every month till losses on the nation’s most used fuel are completely wiped out.

Speaking to reporters here Petroleum minister M Veerappa Moily on Friday said, until further orders, oil marketing companies can increase diesel price by 40-50 paise per litre every month.

The government had on January 17th 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.

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