HPCL chairman says petrol, diesel prices to rise if crude price stays high

Hindustan Petroleum Corp Ltd has said that price of petrol and diesel at retail outlets might go up if the price of crude stays at current levels.

"Price of product at fuel outlets might be impacted if crude price continues to go up by 10 percent," MK Surana, chairman of HPCL told Reuters on Monday.

Indian fuel marketing companies fix the price of petrol and diesel at retail outlets based on an average of last 15 days of benchmark price of petrol and diesel in the Middle East.

Surana, however said, that a continued high crude price is not sustainable.

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