Sharp $5 increase in crude price might hit retail prices next week

Indian Oil Corporation (IOC), the country's largest petroleum retailer, said the $5 a barrel increase in crude oil prices over the past few days would reflect in the retail price of petrol and diesel with a lag.

The company and Union minister of petroleum Dharmendra Pradhan denied any direction from the government on holding the retail price line.

Sanjiv Singh, chairman of IOC, said: "We take the average of the preceding 15 days; so, a daily spike does not reflect immediately." Petrol and diesel prices are likely to see an impact only next week if the increase continues to be high.

Singh said