Petrol price may be hiked by Rs 5 per litre

New Delhi: A hike of Rs 5 per litre in petrol price is likely to be announced in the next 24 to 48 hours. According to official sources, the Oil Ministry may allow the oil manufacturing companies to announce the hike.

According to Oil Ministry sources, the Prime Minister's Office (PMO) and the Finance Ministry are on board for the price hike.

Sources also said that though the Cabinet note on the same is ready, it is yet to be circulated.

It is also likely that the Oil Ministry will ask the Cabinet to support a steep hike in the prices of diesel and kerosene, said sources.

According the sources, the Oil Ministry also wants a hike in the Kerosene price. However, they said, that it was up to the Cabinet to decide.