The recent 3 per litre increase in petrol and diesel prices may provide temporary relief to state-run oil marketing companies (OMCs), but a further depreciation in the rupee could quickly offset the benefits, according to SBI Research’s latest Ecowrap report. The report highlights that while the fuel price revision is expected to reduce losses for OMCs, the larger concern remains India’s vulnerability to global crude oil prices and currency fluctuations amid continued geopolitical tensions in West Asia.