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Petrol prices may be hiked from Friday

On the back of the rupee hitting a new all-time low of 53.75 per dollar, petrol prices may go up by 65 paise per litre this week. A falling rupee increases the cost of oil imports by government-run refineries.

business Updated: Dec 15, 2011 00:17 IST
HT Correspondent

On the back of the rupee hitting a new all-time low of 53.75 per dollar, petrol prices may go up by 65 paise per litre this week. A falling rupee increases the cost of oil imports by government-run refineries.

"We are yet to calculate the exact impact, but it is likely that consumer prices of petrol may be hiked by anywhere between 50 paise to Rs 1 a litre," said a senior oil firm executive.

A Rs 1 depreciation with respect to the US dollar adds Rs 8,000 crore to India's fuel subsidy bill. The slide from Rs 46 to Rs 53 in the past five months has added Rs 50,000 crore to the fuel bill.

The new price would be effective from Friday if there is no opposition from the Centre.