The government on Thursday decided to hike petrol and diesel prices by Rs 2 and Re 1 a litre respectively from midnight to curb losses of public sector oil companies. The decision will benefit oil companies, whose total under-recoveries are pegged at Rs 71,808 crore, to the tune by Rs 840 crore in value terms. The government also decided to increase oil bonds, issued to offset losses of oil firms due to sale of fuel below the cost price, to 56-57 per cent of the total under-recoveries from 42.7 per cent now. - PTI
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