Petrol prices at historic highs, breach Rs 85-mark today after yet another hike; diesel prices rise by 19 paise
The government on Wednesday indicated that it could change the way pump prices are calculated. In June last year, the government had junked a 15-year old practice of revising rates every fortnight, introducing daily revisions. The new policy worked well except in periods immediately preceding elections when it was put on hold. There was a 19-day freeze in revising rates before Karnataka went to assembly polls, and after May 14, rates have gone up by Rs 2.54 a litre in case of petrol and Rs 2.41 in diesel.