New Delhi: Polling for assembly elections in five states, including Uttar Pradesh, ended on Monday. Companies, which have been waiting for months to raise petrol and diesel prices, can hike up to Rs 6 per litre in the next few days.

Sources close to the same matter say that the government may allow oil companies to increase the price by Rs 5-6 per litre slowly. In fact, crude oil prices in the global market had crossed $139 a barrel on Monday, the highest level since July 2008. The ever-increasing prices of crude oil also put pressure on the companies to raise the prices of petrol and diesel as they were losing Rs 12 per litre.

Experts say there will be no discussion on excise duty or other tax cuts. If crude prices remain at current levels for a long time, the central and state governments can jointly provide relief in tax exemptions. Petroleum companies will also have to bear some part of the rising prices so that consumers do not have to be burdened with expensive oil. The same oil companies can wait for the price hike till the results of the assembly elections are out. It is being said that the process of daily change in petrol and diesel prices will begin only after March 10, which is currently stable since November 4. When the price of crude reached $83 per barrel, the central government had reduced the excise duty on petrol by Rs 5 and on diesel by Rs 10 per litre. Thereafter, the States also gave relief by cutting VAT.

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