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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