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Another hike in Petrol Price?  

The state-owned oil companies will meet on December 31 to decide on a petrol price hike. Petrol rates are expected to go up by Rs 1, if the companies manage to get a nod from the government. Oil companies review the prices every fortnight and necessary corrections are made to match international rates. Following this policy, rates were slashed in mid November and again at the start of December.

Though the crude oil rates in the international market have been stable for some time, Rupee has depreciated against Dollar affecting imports. And even though petrol prices are deregulated, the companies still require a informal nod from the government, which was not granted last week for a proposed hike of 70 paise.

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