March 20, 2012 10:12 AM

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Second fuel hike in China

China has raised the price of petrol by about 6% and diesel about 7% for the second time in 2012, as it struggles with the rising cost of crude oil. Global oil prices have been high because of tensions with key supplier Iran.The move is aimed at ensuring domestic fuel supplies and to help local refiners cut heavy losses. Analysts said this was a sign the government is less concerned about inflation.

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