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India petrol price hike

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India petrol price hike

A crowd of motor-cyclists queue at a petrol pump to fill their vehicles after the announcement of a 7.50 Indian rupee price hike in petrol by the government in Jodhpur on May 23, 2012. Indian state-run oil firms Wednesday announced the sharpest hike in petrol prices in nearly a decade to offset growing losses caused by subsidised rates, rises in the international oil price and a plunging rupee. The increase was put at 6.28 Indian rupees (11 US cents) per litre which, when taxes are included, will mean a 7.5-rupee hike for consumers in cities such as New Delhi.