In Mumbai, a litre of petrol costs Rs 87.77 and Rs 76.98, respectively, on Saturday.
With consumers feeling the heat of boil in oil prices, relief may be a couple of months away, probably in November, when the next round of state elections are likely to be held.
Petrol and diesel prices stayed unchanged for 20 days before Karnataka polls this year. After voting ended on May 12, petrol prices were increased by nearly four rupees in 17 days.
Last year, fuel prices remained the same between January 16 and April 1 — the time when Punjab, Goa, Uttarakhand, Uttar Pradesh and Manipur went to polls.
Petrol prices have been rising to an all-time high on a daily basis, with Friday witnessing the steepest increase, of 50 paise, since daily price revision came into effect last year.
The centre has clarified that it is not in favour of reducing excise duty on fuel to give relief to consumer. However, politics over high prices is now getting intense with some opposition parties, led by Congress, threatening to go on a nationwide strike next week, against high fuel prices.
Four states — Rajasthan, Madhya Pradesh, Chhattisgarh and Mizoram — go to polls by end of the year. Following an assessment of situation by the election commission later this month, Telangana may also join the list.
If the trend of providing relief to consumers on their fuel bills ahead of elections is anything to go by, a sudden freeze or even a cut in petrol and diesel prices may well come into being soon.