New Delhi, May 16: With the second anniversary of the UPA government less than a week away, consumers may be spared a hike in petroleum prices by a few more days.

Sources said the government favoured a “few days gap” after the May 22 anniversary celebrations before announcing a hike. The UPA fears an increase in prices just before or after the anniversary will give the Opposition a chance to score some brownie points by dubbing the hike as an “anniversary gift” from the government.

The UPA is gearing up to showcase its achievements of the past two years and it does not want the Opposition to deflate the mood with some ascerbic barbs.

A decision on the hike is likely either at the end of the month or early next month.

The Left parties, which is supporting the Congress-led coalition, are also opposed to any increase, making it that much more difficult to contain the fallout of the hike. “Apart from the Opposition, it (the government) has to contend with its own ally,” a senior official remarked.

With global crude oil prices falling by $3 per barrel in the past two days, the petroleum ministry is waiting to see if this decline continues over the next few days.

A senior official told The Telegraph, “While this is a welcome sign it is too early to predict whether prices will eventually settle down at a lower level.”

If prices do fall, the task of managing the politically sensitive issue becomes that much easier. The fall was sharper yesterday when crude futures shed more than $2.5 per barrel in London and New York compared with 37 cents today.

The decline has reportedly been triggered by the International Energy Agency (IEA) cutting its oil demand growth forecast for 2006. The IEA, which monitors energy trends, has said an increase in exports from Iraq pushed up global supply in April.

The discussions on hiking the prices of petrol and diesel in the country are still doing the rounds of the government, and there is a question mark on a rise in price of LPG. The PSU oil majors have been clamouring for an price increase for several months but a final decision was held up by the assembly elections in Bengal, Tamil Nadu, Kerala and Assam.

The timing of the second anniversary ? government departments are busy digging up data to highlight the UPA's achievements ? will provide another, albeit much shorter, reprieve to the beleaguered consumer.