Oil price hike to be decided by oil companies: Panabaka Lakshmi

The Centre said on Thursday the oil price hike issue will be taken by oil companies and not by the concerned Ministry.

"Price hike will be taken care of by oil companies and not from the ministry side," Panabaka Lakshmi, Minister of State for Petroleum and Natural Gas, said on the sidelines of a safety conference.

The oil companies will meet on Friday for the review meeting on pricing in which petrol price could be increased by Re 1 and diesel prices by 50 paise during the weekend.

Indian Oil Corporation chairman S Butola said all the three oil companies will take a call together in the review meeting.

He said crude had zoomed to $132 per barrel.

Meanwhile, a top official from the Hindustan Petroleum Corporation said petrol price could be hiked tomorrow but the diesel hike may be skipped as government wants its hike in small doses of 50 paisa per month.