Coal prices hiked 16.7 per cent

Kolkata: The chairman of Coal India Ltd (CIL), Shashi Kumar, yesterday announced the revision of prices of all categories/ grades of coking and non-coking coal on an average by 16.7 per cent on the existing pit-head prices.

The revised prices will be effective from Tuesday midnight. The revision is being made after a gap of two years, aimed at earning an additional revenue of about Rs 1,500 per annum. "CIL expects to end the current fiscal with a turnover of about Rs 30,000 crore against about Rs 27,000 crore in 2003-04," said Kumar.

Actual increase of prices in money term would vary from one subsidiary to another even if the grade of coal were the same. Kumar said that revised prices would be communicated to consumers by CIL''s seven production subsidiaries separately.