India responds to crude oil price hike

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New Delhi, Jan 4, 2008 : Oil prices hit the once-unthinkable $100-a-barrel mark on 2nd January.

Responding to the first time ever triple-digit price for crude oil, India's oil Minister Murli Deora indicated that that the government could raise domestic fuel rates or cut duties to ease losses at state-run oil retailers. Deora said there could be a duty cut as suggested by the left parties.

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