New Delhi: Petrol and diesel prices are likely to go up from November 1. The Government, which has already secured a line of confirmation on increasing prices from its key allies, the Left parties is likely to moderate the hike in petrol and diesel prices that has become necessary due to a surge in crude oil prices.

Petroleum Minister Mani Shakar Aiyer met Prime Minister Manmohan Singh for a brief while this evening but did not say if prices would be increased or held at the same level at the next due date for revision tomorrow (Oct 31, 2004).

"Further consideration and further consultations are required, which will begin tonight. Whatever is the outcome (whether to raise prices or keep them unchanged) will be announced by the oil companies tomorrow," Aiyer told reporters after meeting the Prime Minister.

The 33 per cent rise in cost of raw material since August 1, when the prices of petrol and diesel were last revised, require petrol prices to be raised by Rs 1.22 a litre and diesel prices by Rs 2.24 per litre within the narrow price band.