Petrol prices could be hiked by up to Rs 5

The prices of petrol in various cities could be hiked by up to Rs 5 per litre as the Oil Ministry has given the oil companies a go-ahead to update their sales price in the next 24 to 48 hours. Sources indicate that the oil companies are also demanding an increase in prices of diesel and kerosene, however the cabinet is still undecided in this regard. The cabinet-note for the fuel price hike is ready though and will be circulated in the next few hours. Petrol prices are now expected to cross the Rs 80 mark in next couple of days in the metros. The price rise of petrol comes closer to the upcoming festive season when carmakers are trying their level best to sell off their petrol wares by way of discounts and other benefits.