A day after the budget failed to announce any measures to stem revenue losses of state oil firms, sources in the finance ministry that petrol prices might rise once again shortly.
On the back of raving inflation and rising input costs, the prices of petrol are likely to be hiked by Rs 2 per litre.
"I hope the (global crude oil) prices will come down," IOC finance director SV Narasimhan said. He refused to say by when the company could raise petrol prices. "IOC's daily revenue loss on fuel sales now stood at Rs 216 crore," he said.
Petrol prices in India are market-linked, but diesel, cooking gas and kerosene rates are set by the federal government, which partly compensates state oil firms for their losses when global crude oil prices increase.
"I hope the (global crude oil) prices will come down," IOC finance director SV Narasimhan said. He refused to say by when the company could raise petrol prices. "IOC's daily revenue loss on fuel sales now stood at Rs 216 crore," he said.
Petrol prices in India are market-linked, but diesel, cooking gas and kerosene rates are set by the federal government, which partly compensates state oil firms for their losses when global crude oil prices increase.
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