Oil & gas giants like ONGC, Cairn India, Oil India and Reliance Industries Ltd will reportedly see considerable increases in their earning for the current quarter, mainly owing to rupee depreciation.

Available figures show that the dollar-linked prices of gas, petrol and diesel have increased nearly 17 per cent in the past few months.

Oil ministry officials have revealed that government-run ONGC, India's largest natural gas producer, would earn more than 400 crore this quarter from sales of natural gas alone. Speaking on the condition of anonymity, the officials added that Oil India would also see a considerable increase in its current quarter earnings.

However, as India is heavily dependent on imports to meet growing demand for fuels, the rupee's depreciation has shaken up financial planning of the countries oil companies.

TK Ananth, finance director at Oil India, said, "Financial planning gets disturbed in such volatile situation. One rupee depreciation would mean Rs 9,000-crore loss to the oil industry."

Moreover, fuel retailers in the country are made to supply diesel, kerosene and LPG at subsidized prices, which hurt their financial positions very hard. In FY2012-13, oil retailers lost Rs 161,029 crore due to selling fuels at lower than market rates.

Global ratings agency Moody's Investors Service recently issued a warning that the retailers' credit quality could weaken further in case the government keeps on increasing subsidy pressure on the sector.