New Delhi: The price of Petrol is likely to be hiked by Rs 1.50 per litre and Diesel by Re One from midnight tonight (Nov 4, 2004) in the face of surging global crude oil prices.

In the case of Kerosene, the increase is expected to be 50 paise per litre and LPG may go up by Rs 20 per cylinder, sources said.

A decision on the hike is expected to be taken at the meeting of Cabinet Committee of Economic Affairs this evening, the sources said.

Petrol and Diesel prices have not been hiked for over three months now, while LPG prices were last raised on June 15.

Petrol is currently being sold at Rs 2.20 per litre below the imported cost while Diesel is priced at Rs 4.15 per litre below cost. LPG is under-priced by Rs 158 per cylinder and Kerosene, whose prices have not changed in the past 30 months, is being sold at Rs 11.76 per litre lower than the imported cost.