By KUNA
New Delhi : India Thursday announced an increase of USD 0.05 per litre on petrol and USD 0.025 per litre on diesel.
A meeting of the Indian cabinet here today chaired by Prime Minister Manmohan Singh decided to increase the price of fuels.
“The price changes are effective midnight,” Indias Petroleum and Natural Gas Minister Murli Deora told reporters here after the meeting.
The cabinet also approved a hike in the oil bonds issued to oil marketing companies to offset their losses.
India imports over 70 percent of its crude oil which is 102 million tones.
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