The same will come into effect from next month following the Petroleum ministry's nod over the petrol hike issue.
Oil firms BPCL, IOCL and HPCL have been pushing the government for a Rs 5 per litre hike and it is yet to see if the government will give a go-ahead for the same in the matter.
"In all probability, petrol price will be increased, but by how much, is for the government to decide," said the official.
"We are losing Rs 5.10 per litre on petrol currently," said a senior oil company official.
"With counting for Assembly elections in five states ending, we would be approaching the government for appropriate directions on price revision," said the official.
Petrol prices had last seen a hike on Dec 1, 2011.
Meanwhile, oil companies are also seeking an increase in the cooking gas and diesel prices but the Empowered Group of Ministers that includes key allies like the Trinamool Congress and DMK hold the string to the cord over the fuel price hike.