State-owned oil companies are all set to hike petrol prices by around Rs 3 per litre which will be effective from midnight(15 sept 2011)
Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindsutan Petroleum Corp (HPCL) now lose Rs 2.61 per litre due to high international crude oil prices and with rupee touching two-year low against the US dollar, the losses have increased the cost of importing crude oil.
Petrol price was freed from the government control in June last year but the retail rates have not moved in line with cost as high inflation rate forced the oil companies to seek 'advice' from parent oil ministry before revising rates.
IOC, BPCL and HPCL have lost Rs 2,450 crore this fiscal on selling petrol below the cost.
Rupee fell to 48 per dollar yesterday(14th sept) for the first time since September 2009. "Every rupee depreciation, the under-recovery (revenue loss) increases annually by around Rs 9,000 crore.
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