India’s largest oil marketing company Indian Oil Corporation (IOC) on Friday hinted that retail prices of petrol and diesel are likely to go up from April 1 in view of the national rollout of BS-VI fuels as mandated by the Supreme Court.
“There will definitely be a marginal increase in retail prices of the fuels from April 1 when the whole country will run on new fuels,” IOC chairman Sanjiv Singh told reporters in Mumbai.
He, however, added that it will not burden the consumers with a steep hike.
An office bearer of Karnataka Petroleum Dealers Association told DH that retail prices may go up in the range of Re 1-2 per litre in Bengaluru.
Petrol was sold at Rs 74.41 per litre in Bengaluru on Friday, while diesel was sold at Rs 66.79 a litre.
D L Pramodh, executive director & State Head, Indian Oil Corporation said, “We can’t comment on the price rise. It is up to the managements of OMCs and the government to decide.”
Pramod said the OMCs together have invested in excess of Rs 28,000 crore to upgrade their refineries to produce low-sulphur petrol and diesel. IOC alone has invested Rs 17,000 crore to upgrade its refineries.
The OMCs are all set to dispense BS-VI fuels across the country simultaneously from April 1, he said.
BS-VI fuels will have sulphur content of only 10 parts per million (ppm) as against the 50 ppm in existing fuels, resulting in lower emission, he said.
IOC has already started supplying BS-VI fuels to dealers.