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Petrol prices may go up by Rs 3/litre as rupee weakens

New Delhi, September 14
State-owned oil firms may have to raise petrol prices by as much as Rs 3 per litre as the rupee touched two-year low against the US dollar, increasing the cost of importing crude oil.

"Oil retailers are losing Rs 2.61 per litre or Rs 15 crore per day on the sale of petrol. Together with local taxes, the hike needed to level domestic rates with international prices is about Rs 3 per litre," a top government official said.

The IOC, BPCL and HPCL have lost Rs 2,450 crore this fiscal on selling petrol whose rates were freed from the government control in June last year below the cost.

"At current rate, oil firms will accrue another Rs 2,850 crore of loss on the sale of petrol, taking the total loss on a fuel that was freed from control to Rs 5,300 crore for the full fiscal," the official said, adding, "Oil firms will have to take a call on raising petrol price soon."

Besides petrol, the three firms are losing Rs 263 crore per day on selling diesel, domestic LPG and kerosene below cost. PTI

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