New Delhi, Wednesday, April 27, 2011: State-run oil firms are likely to raise prices of petrol shortly, possibly after May 10 when the state polls end.
An indication of an imminent price revision came on Monday (April 25) from Ranbir Singh Butola, chairman of Indian Oil Corporation, which controls 55% of the market.“We would do it at the earliest possible,” he said. Butola neither gave a time frame for the revision nor quantity the increase. But sources said an increase of up to Rs 3 may be on cards and could be announced on May 15 during the fortnightly review of prices.
The companies have the freedom to revise petrol price in tandem with international crude.
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