PETROL, DIESEL PRICES TO RISE; COUNTRY TO SWITCH TO WORLD'S CLEANEST FUEL! 

The Indian Oil Corporation (IOC) on Friday announced a bad news for commuters as petrol and diesel prices can increase from April 1, 2020. Giving details about the news, as per a report by PTI, IOC said that it is ready to supply low emission BS-VI fuels from April 1 because of that there will be a marginal rice in retail prices. 

Meanwhile, IOC chairman Sanjiv Singh said that the company has spent over Rs 17,000 crore to upgrade its refineries to produce the low-sulphur diesel and petrol which is why there is a rise in price. 

Singh has not revealed the possible hike amount, but confirmed that there will be a marginal hike in the prices of both petrol and diesel from April 1. 

Also, from April the whole country will be running on new fuels, which will have sulphur content of only 10 parts per million (ppm) when compared to the present 50 ppm. 

Further giving assurance over the price, Singh stated that "But let me assure you, we will not be burdening the consumers with a steep hike." He added that IOC is not looking at this investment from purely a return-on-investment point of view but a national mandate that the company has complied with. 

According to Live mint report, IOC has invested Rs 3,000 crore to upgrade its refinery at Haldia to meet BS-VI emission norms. Meanwhile, the oil marketing PSU will be investing more Rs 388 crore for setting up a plant at Kharagpur, a diesel exhaust fluid (DEF) plant at Budge Budge and lube blending unit at Paharpur in West Bengal.