Also, diesel prices may be increased by 40-50 paise a litre in line with the freedom given by the government last month to raise rates of the country's most consumed fuel in small dozes every month till such time that the Rs. 9.22 a litre loss is completely wiped out.
"Gasoline (petrol) prices in international market are rising. The trend shows that we will have under-recoveries (losses) on petrol," said RS Butola, chairman of Indian Oil Corp, the nation's largest fuel retailer.
"We will review the prices at the fortnightly review (due on February 15)," he said.
"We won't say there is no possibility (of a price increase) but I cannot say what we will decide in that review."