Strike over high petrol prices hits India

Businesses and marketplaces in India were closed Thursday amid reports of violence as opposition parties called a strike over recent hikes in petrol prices, dpa reported. State oil retailers last week raised the price of petrol by 11.5 per cent, the steepest hike since the commodity was deregulated in June 2010. Local media described the strike has having a partial impact, with pockets in big cities being worst hit as factories and schools were affected. India's opposition, including left-wing parties, have demanded that the price increase should be rolled back. The petrol price hike issue has taken a political turn with key partners also exerting pressure on the ruling United Progressive Alliance to withdraw the price hike. India imports 70 per cent of its oil and the state-run retailers say they were forced to raise prices given the fall in the value of the rupee.