Hike in petrol, diesel prices put off by oil companies

NEW DELHI: A Re 1 per litre hike in petrol and Rs 2.28 a litre increase in diesel prices necessitated due to firming global oil rates has been put off by state-owned oil companies apparently because of assembly elections in Bihar. State-owned IOCBSE -0.88 %, BPCLBSE -1.91 % and HPCLBSE -3.90 % were to revise petrol and diesel prices today as per the practice of adjusting retail pump rates every fortnight after taking into account the average international oil prices and foreign exchange rate in the previous 15 day period. But the oil companies choose to skip the revision this time. "There will be no change in retail price this week," said an official at one of the three retailers, without giving reason for such an action.