No fuel price revision till Karnataka polls?

The state oil marketing companies have frozen the rates of petrol and diesel for the past seven days.

The move is apparently aimed at checking prices from spiking ahead of Karnataka polls.

Prices of petrol and diesel were last revised on April 24 (Tuesday) when petrol sold at Rs 74.63 per litre and diesel at Rs 65.93 per litre though the rupee has softened against the US dollar making crude oil costlier.

Crude oil prices for Indian basket kept fluctuating between $73 and $75 per barrel for Indian basket.

The government and government-owned oil companies have denied such a move but industry sources said that the directive has come to oil companies to keep a tight leash on rates until Karnataka elections on May 12.

The pump prices of petrol and diesel are subject to change on a daily basis since June last year when the government asked the oil firms to align the rates based on international prices of oil.

This is the first time since June last year that the prices have not been revised for seven days in a row.

In the past few months, petrol and diesel prices in the country have touched the roof, prompting Opposition to raise its pitch against the Government.