Oil companies today hiked the price of petrol by Rs. 1.55 a litre, without taxes, as the falling rupee made imports costlier. The price of diesel has been kept unchanged.
This is a fourth increase in the price of the fuel since June thanks to depreciation of the rupee against dollar….!!!!!!!!
However, we can not say that only due to depreciation of the rupee against dollar as if the dollar comes down 54-55 level, its not obvious to effect the price of petrol on down side.