'Petrol, diesel prices to rise if crude price stays up'

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

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

"Price of products at fuel outlets might be impacted if the crude price continues to go up by 10%," M K Surana, chairman of HPCL told Reuters on Monday.

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

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