Petrol prices in India are likely to increase by Rs1.82 a litre mainly because a fall in the value of rupee increased the cost of imports to the country.

The latest hike is the second in two months in the county. Even as the petrol prices were freed from government regulation in June last year, the state-run firms often reply on recommendations from the Oil ministry in fixing the prices. Now it is to be seen if the intent to increase prices will be informally approved by the government.

Public sector oil marketing company (OMC) HPCL has said that it will raise petrol prices by Rs 1.82 a litre. Meanwhile, other OMCs; IOC and BPCL said that they are considering the matter but have not taken a decision yet.

The price of petrol per little in Delhi is Rs 66.84 and a Rs 1.82 a litre hike wuld mean an increase of 2.7 per cent. The petrol prices were raised by Rs 3.14 a litre on September 16. Petrol price has been revised three times in 2011 in the country.

Bhaswar Mukherjee, director (finance) at HPCL said, "We are in discussion with other oil companies on raising prices. Let's say, we are toying with the idea."

OMC wants to increase the price of oil due to higher prices for crude oil and deprecation in the rupee.