The prices of fuel which were revised on par with the prices in the world market will be announced today (Feb 11), the Finance Ministry said.
According to the fuel price formula, the cost of a litre of petrol and diesel had gone up by Rs 2 last month while the prices of Super Diesel had gone up by Rs 3 per litre.
At the time of last month’s revision, the price of a barrel of crude oil in the world market stood at USD 59.
However, BRENT crude oil prices had gone upto USD 62.10 per barrel by the end of January.
Petroleum experts point out that fuel prices may continue to increase due to the crisis in Venezuela and the limitation of crude oil production by the Organization of the Petroleum Exporting Countries