Petrol price hiked by Rs 2 and diesel price up by Re 1
On 14 February 2008, Union Oil Minister Murli Deora informed petrol prices were hiked by Rs 2 a litre and that of diesel raised by Re 1. The change in price would be effective from midnight. Oil bonds' share to be expanded 57%.
The minister explained India has raised prices of petrol and diesel for the first time in 20 months to ease losses at state-run retailers squeezed by a surge in crude oil prices while having to sell fuels cheaply.
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