AN INCREASE in petrol and diesel prices in the near future is not ruled out, Government sources said on Friday, as losses mount from a four-year-old freeze in retail rates despite the sharp rise in global crude oil prices. International crude oil prices this week climbed to a four-year high of USD 126 per barrel before cooling down slightly, but remained above USD 110 a barrel.

 

Earlier in the day, Indian Oil Corporation, making a statement on behalf of industry, said petrol and diesel price as also domestic LPG rates are not being increased despite a surge in international energy cost. Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that India has maintained stability in petrol and diesel prices for four years and 60 days despite global volatility in energy markets. Puri while speaking at Vibrant Gujarat Regional Conference said, “Despite global war, supply chain crisis and tensions in the Strait of Hormuz, India has remained steady.”