India, May 2 -- An increase in petrol and diesel prices in the near future is not ruled out, Government sources said on Friday, as losses mount from a four-year-old freeze in retail rates despite the sharp rise in global crude oil prices.

International crude oil prices this week climbed to a four-year high of $126 per barrel before cooling down slightly, but remained

above $110 a barrel as ship transits through the Strait of Hormuz remained restricted and US and Iranian leaders traded barbs amid stalled peace talks.

Government sources said the possibility of a petrol and diesel price hike in the near future is not ruled out.

Earlier in the day, Indian Oil Corporation (IOC), making a statement on behalf of the industry, said petrol and...