Indian ministers fail to agree on fuel price rise (the video is loading, may take long. Please bear with us...)

UPDATED ON JAN 18, 2008 10:28 PM IST
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A meeting of the Union ministers, which was expected to recommend a rise in retail prices of petrol and diesel, ended on on Thursday without a decision. India caps retail prices of widely consumed fuels to protect the poor and keep inflation under control. No increase in petrol and diesel for around 18 months has burdened state-run oil firms with huge losses as the price of global crude surged more than 50 per cent in 2007 and went on to top $100 a barrel.

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