Petrol likely to see Rs 5/litre hike, diesel Rs 3 Petrol is likely to see Rs 5 per litre hike, while diesel by Rs 3 per litre after the Parliament'sbudget session ends on May 22 owing to the losses suffered by oil companies.
Talking about the price rise in Rajya Sabha, Finance Minister, Pranab Mukherjee said, "Petroleum prices are increasing by leaps and bounds. We cannot keep them under any carpet. If we do not take corrective measures, we will have to face disastrous consequences."
"I cannot entirely pass on the extra burden to the consumers.... Apart from his or her suffering individually, it will have its inflationary impact. That is also an issue which we shall have to address," he said. However, the opposition may oppose UPA allies from revising kerosene price, said reports.