Petrol prices to burn pockets; to increase by Rs 4-5/ ltr

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Petrol Hike
New Delhi, Mar 8: A hike in petrol prices by Rs 4-5 per litre is "quite possible", said government sources.

"The oil company brass claim the loss on petrol has gone beyond Rs 5 a litre and they can't take it any more. I won't be surprised if this time they take government's rhetoric of petrol being outside its control on face value and raise pump price from Friday or Saturday -- even at the cost of rolling back some of it and becoming the fall guys later," said a source.

"While petrol prices may go up, it’s difficult to say anything about the other products, especially when UPA chairperson Sonia Gandhi cited price rise as one of the reasons for her party doing poorly in the assembly elections," said a petroleum ministry source.

"With the Indian basket of crude oil ruling above $120 a barrel and the rupee-dollar exchange at Rs 49.80 a dollar, we have to pass on the increase in fuel prices (to the consumer)," said an official.

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