New Delhi: Call it election time rationing or return of the administered price mechanism regime, but the retail price of petrol may not cross the Rs 75 a litre-mark in Delhi, at least till the end of polling on May 19.
Official sources said that public sector oil marketing companies (OMCs) have been told in no uncertain terms to keep a check on the rising price transport fuels - petrol and diesel - even though the rise in global oil prices and India's daily pricing mechanism makes it impossible to control price rise.
OMCs have not been issued any written order on petrol prices, but the government being its largest shareholder has exercised its control to make sure that companies absorb a portion of the hike in retail prices and prevent consumers from paying abnormally higher prices, especially in the middle of election season.
"The 75 a litre-mark for petrol is a psychological level that does not affect the comfort level of the Centre. Anything beyond this could have an adverse fallout for the ruling party during elections," an official source said here.
When contacted, an official in a public sector oil company denied getting any directive from the government to hold petrol and diesel prices but agreed that the retail prices of these two petroleum products have not been revised for the last few days.
"Retail price of petrol and diesel depends on a lot of factors and not just global movement of crude and product prices," the official said.
In the wake of a spurt in global oil prices, the price of petrol in Delhi stood very close to the Rs 75 a litre-mark on Tuesday, at Rs 72.95.
The price may rise sharply in the coming week as the US decision to withdraw the waiver on Iran sanctions to major importing countries, including India, is keeping global crude oil on the boil with prices already touching USD 73 a barrel and rising.