When there is a planned event like RBI announcement, FOMC meeting, Earnings Result, Major political events like Election results, BR Exit kind of scenarios options price tends to move higher as the implied volatility of the options gets a ramp up before any such binary event. The reason for such ramp up in option volatility is the investors getting into hedging mode due to the uncertainty of the event and speculators betting on the future directional move which causes the Implied volatility to spike up.