The price of petrol and diesel in India will have to be hiked by 16% more following the ₹3/litre hike for OMCs to earn profits at pre-US-Iran war levels, a Moneycontrol analysis found. A further ₹2/litre hike would cut OMCs' monthly under-recoveries from ₹50,450 crore to ₹47,139 crore. Even a ₹7/litre hike would cut monthly under-recoveries to ₹38,863 crore.