New Delhi: Petrol and diesel price are likely to get dearer ahead of the festivity season.
Expert say that a Re 1.50 per litre hike in petrol and .50 paisa a litre increase in diesel prices is necessitated due to increase in global oil rates.
Final decision regarding the hike in fuel prices will be taken at the Oil Market Companies (OMCs) meet tomorrow.
The price of crude per barrel in international market has crossed USD 50. From last 12 days, the price, against which petrol is benchmarked in India, has increased by 12 per cent.
The three OMCs IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) adjust retail prices every fortnight after taking into account the average international oil prices and foreign exchange rate in the previous 15-day period.
Prices were last revised on September 1 when petrol price was cut by Rs 2 per litre and diesel by 50 paise.