Brace yourself for a sharp rise in the cost of petrol and diesel as there is a fuel price hike on the anvil. Petrol and diesel prices have remained unchanged for 15 days and analysts say fuel retailers will hike prices now that polling has ended.
India's crude basket cost has gone up almost $6 since February, when the last hike was -:
February: $61.2/bbl
March: $64.7/bbl
April*: $67/bbl
In fact petrol prices are down 77 paise through March to pass on the benefit of the low prices seen in February. Analysts now expect to see a Rs 2/lt hike to accommodate the hit to oil marketing companies.