The Indian Central Government has finally raised the price of Petrol by Rs.2/- and Diesel by Rs.1/-. The new price of the fuel will be in effect from the Midnight of Thursday (i.e,. From Friday Early Morning - Today).

The decision to hike fuel prices was taken at a meeting of the Cabinet Committee on Political Affairs. It was also decided not to lower the customs or excise duties on crude and petroleum products. However, further oil bonds would be issued to state-owned oil marketing Companies to compensate them for losses from the sale of petroleum products at below cost price.

“We tried our best not to increase fuel prices but it had become impossible for the PSU OMCs to continue operations with losses mounting to about Rs 72,000 crore,” - Mr Murli Deora, Petroleum Minister, told this to the PressPersons. Read the full story

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