Rs 6 hike in fuel prices likely as polls end, oil tests $139

Global benchmark crude rocketed to $139 per barrel, the highest since July 2008, giving the government the handle to allow oil companies to start raising fuel prices gradually as the state polls ended on Monday. People in the know said the general thinking in the government indicates state-run fuel retailers may be allowed to raise prices by Rs 5-6 per litre in small doses to soften the impact.

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