State oil companies need to hike fuel rates by Rs 5-6/litre: Analysts

State oil companies need to hike the rates of petrol and diesel by Rs 5-6 per litre to align them with runaway international prices, as per analysts.

Prices of petrol and diesel are market-determined in India and domestic refiners are expected to revise fuel prices daily in line with changes in the international rates. State-run companies, which control about 90% of the fuel retail market, have kept prices static for more than 100 days in what is widely believed to be an effort at keeping fuel rates stable ahead of elections to five state assemblies.