Get ready to pay more for petrol and diesel as a long-withheld fuel price hike is expected after assembly elections end on May 13.
State-owned Indian Oil Corp (IOC), the country's largest fuel retailer, hinted on Monday at an imminent hike in the prices, which haven't been revised since January in view of the state polls. "We would do it (price hike) at the earliest possible," IOC chairman RS Butola said on Monday.
Though state-controlled oil companies, which have the freedom to fix prices, are yet to decide on the quantum of the hike, sources said a litre of petrol could cost at least Rs 3 more. As diesel prices effect food prices, the hike could be phased. The first round of hike of Rs 2-3 per litre could be imposed on petrol prices.
With global crude prices hovering around $124 (Rs 5,518) a barrel, oil firms are losing Rs 7 per litre on petrol and close to Rs 18 a litre on diesel.