According to sources, the gasoline cracks or the difference between cost of raw material (crude oil) and the price of product (petrol) narrowed to just $3 per barrel. In comparison, cracks for diesel is as high as $ 12-13 a barrel.
With such narrow spread, any upward movement in crude oil price or devaluation of rupee would force an increase in price in near future, if the rates were to be cut now.
As per practice, state-owned fuel retailers revise rates of petrol on 1st and 16th of every month based on average imported cost and forex rates of the previous fortnight.