The fluctuation in the value of the rupee seem to have considerably impacted fuel prices. The Rupee fell to 48 per dollar on Thursday in a first since Sep 2009. Officials stated that a stability in price of the three products need to be achieved and said, "Every rupee depreciation, the under- recovery (revenue loss) increases annually by around Rs 9,000 crore."
Check the petrol prices in different cities in India:
- New Delhi: Rs 63.70 to Rs 66.84
- Mumbai: Rs 68.62 to Rs 71.76
- Kolkata: Rs 68.01 to Rs 71.15
- Chennai: Rs 67.50 to Rs 70.00
A government official has been quoted as saying, "Oil retailers are losing Rs 2.61 per litre or Rs 15 crore per day on sale of petrol. Together with local taxes, the hike needed to level domestic rates with international prices is about Rs 3 per litre."
It has been reported that major players like IOC, BPCL and HPCL are estimated to have lost Rs 2,450 crore this fiscal on selling petrol. It has to be remembered that the rates were freed from government control in Jun 2010.