India hikes petrol price to offset crude costs
India's state-owned fuel firms on Saturday hiked petrol prices by nearly nine percent to help stem revenue losses from a rise crude prices, a record rise that will fuel stubbornly high inflation. The increase marked the eighth rise in petrol prices since India's government last June deregulated petrol prices in an economic reform aimed at reducing the massive subsidies it pays to state-run fuel companies.
The latest rise comes as the Congress-led government battles growing unpopularity over inflation running at close to nine percent and a slew of corruption scandals. --- READ MORE
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