UPA bites one bullet, lets firms hike petrol by 10%

The UPA government took a bold step on the first day after its third anniversary by allowing state-run oil marketing companies to raise ex-refinery prices of petrol by a whopping Rs 6.28 per litre, the highest so far. With excise, duty and state levies, this translates to a Rs 7.5-Rs 8 (just over 10%) hike per litre.

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