With the state elections over, the stage is set for a sharp rise in fuel prices.
The PSU oil companies last revised prices in November.
Brokerages such as Jefferies said petrol and diesel prices may need to be hiked by Rs 20-22 per litre and Rs 22-32 per litre, respectively, to restore normal margins.
The Russian invasion of Ukraine and the sanctions on Moscow have led to a sharp spurt in the prices of various commodities, including crude because of supply fears.
