Petrol, diesel price hike coming soon  

Petrol and diesel prices are likely to be hiked this week as oil companies prepare to pare losses accumulated from keeping rates steady for over four months in the run-up to assembly elections in five states, including UP, despite international oil prices jumping to a 13-year high of USD 140 per barrel.

West Texas Intermediate crude futures, the US oil benchmark, rose to USD 130.50 per barrel on Sunday evening, its highest since July 2008, before retreating. The international benchmark, Brent crude, hit a high of USD 139.13 at one point overnight, also its highest since July 2008.

To compound things, the Indian rupee tumbled to a record low of 77.01 per dollar on Monday.

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