Rupee fall: Oil firms could hike petrol prices by 65 paise from Friday

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.