According to new report, the petrol prices in the country might be increased by state-run oil marketing companies in March following the elections in Uttar Pradesh, which is India's most populous and a politically influential state.

The price of crude oil has been increasing in crude oil due to concerns over a standoff between the western courtiers and Iran over its nuclear programme. However, the oil marketing companies in the country were intending to increase price in January but the government possibly due to elections in four states deferred the proposal.

Oil companies have loosing money by selling petrol in the country at a retail price that is lower than international market. The companies are losing on kerosene, diesel and LPG, which have set by the government. The rise will come amid continuing fall in the value of the rupee against the US dollar.

The fall of the rupee to about Rs. 53 against the dollar is the major reason for the increase in the prices. The low value of the Indian currency has increased the price of imports. The companies are expected to review the prices today and decide the price of the petrol.