Oil Price Hike

The government has hiked petrol prices by Rs 5 per litre, diesel by Rs 3 per litre and LPG price hiked by Rs 50 per cylinder.

Petroleum Minister Murli Deora feels that the price hike is not steep. The steeped price is not more than market price, he said. The amount of money the government is losing is colossal, he added. He feels that if crude prices touch USD 130 per barrel; the Indian economy will get affected.