SUVARNA NEWS 24X7 - www.suvarnanews.tv - 15 SEP 2011 - Petrol prices are set to go up by Rs 3 per litre as the Rupee touches a two-year low against the Dollar, increasing the cost of crude oil imports - oil company heads will meet in Mumbai on Thursday to take a final decision. This comes after the IOC chairman met Oil Minister Jaipal Reddy to push for the increase in rates. Pressure's building on oil companies as the rupee is weakening against the dollar. The Indian rupee has rupee touched a two-year low against the dollar, making import crude oil more expensive. Oil retailers claim they are losing Rs 15 crore per day due to the big gap in global and domestic prices. In Delhi, petrol is nearly Rs 64 and with a RS 3 hike, it will shoot up to RS 66 and 70 paise. In Kolkata, petrol is already Rs 68, and with this decision it will go up to Rs 70. Similarly for Mumbai, petrol prices would go up to Rs 71 and 62 paise per litre. And in Chennai too, it will cross Rs 70 as opposed to the current rate of RS 67 and 50 paise. "As of today, there is no such move on part of oil marketing companies to increase the prices. But as on today, we have an under recovery of 41 paise and if you take a second fortnight prices, it will be in the range of `3.`1 depreciation in the Rupee is increasing the under recovery by `9000 cr," said Director of Finance, IOC.