Hike in prices of petroleum products is likely from March 1.
According to a media report, the prices of petroleum products are expected to increase by about two percent from March 1.
Officials said that under the 2 per cent increase formula in the prices of petroleum products, the price of petrol may increase by Rs5 per litre while same for high speed diesel is also likely to jump by Rs2.
Officials said that the price of light diesel oil can be increased by Rs0.80 and the price of kerosene oil by Rs0.70 per litre. However, the final announcement of the prices will be made by the Ministry of Finance.
It should be noted that the government had earlier increased the price of petrol by over Rs8 and the price of diesel by more than Rs2 per litre for 15 days in view of the increase in oil prices in the international market.
