The rupee fall is likely to directly hurt the
aam admi's pocket now as public sector oil marketing
companies await government nod to
increase petrol prices by 65 paise a litre, effective Friday.
The Indian currency hit a
new all-time low on Wednesday , falling 57 paise against the US dollar to Rs 53.80.
With a depreciating rupee, importing oil has become
costlier for the oil companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum.
Petrol price were last raised on November 4 by Rs 1.80 a litre. Post this, the oil firms cut prices twice - Rs 2.22 per litre cut effected from November 16 and another 78 paise cut effected from December 1.
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