Govt likely to raise fuel prices this week: source

The government is likely to raise the retail price of petrol by 2 rupees a litre and diesel by one rupee this week, says a senior source.

The government is likely to raise the retail price of petrol by 2 rupees a litre and diesel by one rupee this week, a senior source at the oil ministry said on Monday.

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"The decision will be taken at a cabinet meeting this week," the official, who did not wish to be identified, said.

India caps prices of widely consumed fuels but has been under pressure to raise them after a surge in the cost of crude oil led to jump in losses at state oil retailers.