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Weakening rupee may prod OMCs to raise petrol price

Weakening rupee may prod OMCs to raise petrol price
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Owing to the sharp depreciation of rupee against the dollar, Oil marketing companies (OMCs) may hike the price of petrol Rs 1.5-2 per litre, industry sources informed.

In recent trading sessions, the Indian currency declined to a record low of 58.96 against the dollar because of global financial market developments.

The weakening of rupee in the last four weeks caused Rs 20,000 crore of under-recoveries for state-run OMCs, media reports indicate.

The steady depreciation in rupee has offset the benefits of the decline in the global commodity prices.

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