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Hours after getting signal from the Government, oil marketing companies announced a dual price mechanism for diesel to be effective from Thursday-Friday midnight.
At the same time, they have lowered the petrol prices by 25 paise.
According to a late evening communication from Indian Oil, retail consumer will be required to pay 45 paise (excluding of taxes) more for a litre of diesel. However, bulk consumers will have to buy diesel at market price which could be higher by up to Rs 10 than the current price.
Consumption by bulk users, such as Railways and State transport corporations, accounts for over 17 per cent of diesel sales.
The Railways is the single largest high speed diesel consumer with 2.4 billion litres of annual consumption.
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