The Oil and Gas Regulatory Authority has recommended an increase of Rs12 in the price of petrol.
It has sent a summary to the Petroleum Division, recommending the revision of prices from February 1.
It has recommended a Rs10 increase in the price of high speed diesel.
If the summary is approved, petrol would cost Rs121.20 per litre while diesel would go up to Rs123.19.
The prime minister will make a final decision in this regard. The finance ministry will notify the new prices on January 31.