Petrol prices may go up this week;diesel, LPG rates may follow

The government may hike diesel and domestic LPG rates next week while an increase in petrol prices may happen later this week. "The Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee (on fuel price hike) was to meet tomorrow evening. It has been put off," Oil Minister S Jaipal Reddy told reporters here. The EGoM was to meet tomorrow to consider raising diesel prices by Rs 3-4 a litre and domestic LPG rates by Rs 20-25 per cylinder. "It has been postponed to accommodate some ministers... It could be anytime on (May) 17 or 18," he said. State-owned oil firms, however, are likely to get the go-ahead to raise the price of petrol, which they have not revised since January on informal 'advice' from the government in view of Assembly elections in five states. "Petrol prices may be raised as early as Thursday-Friday night," an official said, adding a steep hike of up to Rs 3 per litre of petrol is on the cards.