Petrol and diesel prices will go up from April 1, the national oil marketer Indian Oil Corporation (IOC) said on Friday, as it is set to supply BS-VI fuel with low emissions by the said date. Company chairman Sanjeev Singh told reporters that the largest oil supplier has spent Rs 17,000 crore to upgrade its refineries.

Without disclosing the amount of the price increase, Singh said, ‘There will definitely be a slight increase in the retail prices of fuel from 1 April when the entire country will run on new fuels, with sulfur amounting to only 10 million (ppm). Compared to the current 50 ppm.

Singh said, “I assure you, we will not burden consumers. ”

He said, Government Oil Marketing Companies (OMCs) have invested Rs 35,000 crore to upgrade their refineries, of which Rs 17,000 crore has been spent by IOC alone.

Earlier this week, BPCL’s sell-off said it had invested around Rs 7,000 crore for it. HPCL, operated by ONGC, has not yet disclosed its readiness for BS-VI supply or its CAPEX on the same.

HPCL said from 26-27 February that it is ready with BS-VI fuel and will be selling only new fuel from 1 March.

Singh said that the IOC started BS-VI fuel production a fortnight ago and now all its depots and containers are ready.

However, he said it would take some more time to switch to some remote locations, where intake is very low. But the company plans to phase out the entire BS-IV stock and replenish new fuel at such locations.

In addition, it is reported that companies will have to increase prices by 70–120 paise per liter, but Singh said, to reach such a weighted average is not possible given the complexities of each refinery.-7

However, he stressed that price increases will not be a burden on consumers.

We are not returning this investment on a pure investment basis, but it is a national mandate and we have done it.

Having said that, all those countries that moved to low-emission fuels are charging higher prices; And from April 1, our prices will be benchmarked against Euro VI prices, as opposed to the current practice of cost-plus models, Singh concluded.

Also Read: 123 FIR’S, 630 PEOPLE ARRESTED OR DETAINED TILL DATE FOR DELHI RIOTS