UP polls aftereffects to see Petrol hike by Rs 3

Uttar Pradesh, Feb 14: Petrol prices may go up by Rs 3 after the Uttar Pradesh Assembly elections 2012, said industry executives on Monday, Feb 13.

According to the executives in Bharat Petroleum, Hindustan Petroleum and Indian Oil Corporation, the 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.

OneIndia News