Petrol prices are expected to rise by about Rs 3 per litre early next month after the crucial assembly election in Uttar Pradesh, industry executives said on Monday.
Executives in Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum said petrol rates had not been revised for two months despite high international prices due to an informal government directive to hold the price line till elections.
On paper, petrol prices are decontrolled, denying state firms any compensation from the government for below-market sales, but this time, companies will seek compensation as they fear heavy losses because the government informally told them to freeze prices, executives said requesting anonymity.
–SOurce:TOI