Petrol prices to be hiked by Rs 2 per litre?

With the rupee weakening this week, oil marketing companies may decide to increase petrol prices by up to Rs 2 per litre in their scheduled meeting on Saturday When the rupee weakens, it makes oil imports costlier. As per the practice of revising rates every fortnight, petrol price revision is due today and if oil ministry approves the increased prices will come into effect from June 16, sources said.

Petrol price was last hiked by 75 paisa per litre and diesel by 50 paisa a litre on May 31. State-owned oil firms had been in January authorised to raise diesel prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out. The Indian rupee ended a tough week that saw the currency slump to a record low as part of a broader regional market sell-off. The rupee fell 0.8 percent for the week, its sixth consecutive weekly loss, having hit a record low of 58.98 on Tuesday.