According to sources, Petrol price will rise by Rs 4/litre, diesel by Rs 2/litre. The price rise of fuels will be effective across the country including major cities such as New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata and many others.
Earlier on Feb 13, industry executives had claimed that Petrol prices may go up by Rs 3 after the Uttar Pradesh Assembly elections 2012. However, the recent reports on price rise will definitely affect the daily-wages plan of the aam-aadmi (common man).
According to executives at Bharat Petroleum, at Hindustan Petroleum and Indian Oil Corporation, petrol prices have not been hiked since past two months despite international prices going up after the government directive to hold the prices till the elections are over.
"The company can't sustain for long. We will be forced to raise petrol prices if (international) prices prevail at this level," said IOC chairman, RS Butola. He also said that IOC's net loss was Rs 8,716 crore against net profit of Rs 3,540 crore in the same period last year.