New Delhi : With the rates of the Indian basket of crude oil falling below $95 a barrel, the petroleum ministry Wednesday said losses on diesel sales had been wiped out with the government now looking at a profit of nearly two rupees a litre on the fuel sales.

“The over-recovery on High Speed Diesel (HSD) applicable for the first fortnight of October effective 01.10.2014 is now Rs.1.90 per litre,” an official release here said.

This is possibly the first time that retail prices in India are higher than global rates. Rates have cumulatively risen by Rs.11.81 per litre in 19 instalments since January 2013.

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