Oil marketing companies may declide to increase petrol prices by Rs 2 per litre in their scheduled meeting on Saturday.
Oil companies are under tremendous pressure due to weakening rupee.
Petrol price was last hiked by 75 paisa per litre and diesel by 50 paisa a litre on May 31.
Petrol price in Delhi is currently at Rs 63.99 a litre.
State-owned oil firms had been in January authorised to raise diesel prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out.
Petrol price in Delhi is currently at Rs 63.99 a litre.