Business Standard
An increase in petrol and diesel prices in the near future is not ruled out, government sources said on Friday, as losses mount from a four-year-old freeze in retail rates despite the sharp rise in global crude oil prices. International crude oil prices this week climbed to a four-year high of USD 126 per barrel before cooling down slightly, but remained above USD 110 a barrel as ship transits through the Strait of Hormuz remained restricted and US and Iranian leaders traded barbs amid stalled peace talks. Government sources said the possibility of a petrol and diesel price hike in the near future is not ruled out. Earlier in the day, Indian Oil Corporation (IOC), making a statement on behalf of the industry, said petrol and diesel price as also domestic LPG rates are not being increased despite a surge in international energy cost. State-owned oil firms hiked prices of commercial LPG, industrial diesel, 5-kg LPG and jet fuel sold to international airlines in keeping with the ...
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