Rs 4 a litre hike in petrol, diesel prices in offing, say brokerage firms

The increase is based on assumption that global price of diesel and petrol and Rupee-US Dollar exchange rate remain stable hereon

A Rs 4 per litre increase in petrol and diesel prices is in the offing if state-owned fuel retailers are to return to pre-Karnataka poll hiatus margin levels, brokerage firms said.

No sooner had Karnataka polled to elect a new state government, state-owned Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) on Monday ended a 19-day hiatus in revising petrol and diesel prices and reverted to the practices of changing rates on a daily basis.

Since then petrol price has risen by 69 paisa a litre, including a 22 paisa hike effected today