With the Indian crude oil basket touching $123 per barrel on Monday and the Union government faced with a mounting subsidy bill that threatens to touch Rs. 1,50,000 crore, a sharp hike in the price of diesel, petrol and domestic Liquefied Petroleum Gas (LPG) cylinders is likely to take place soon after the conclusion of the Assembly polls in the five States next week.
With the government losses on selling fuel at subsidised rates threatening to go out of control, the oil marketing companies have mounted pressure on the government seeking a sharp hike in prices of petrol, diesel and LPG to cover up the mass losses due to volatility in the crude oil prices in the international markets.
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