The government last month announced freeing of auto fuel prices from its control, resulting in a Rs 3.50 per litre hike in petrol prices as domestic rates got linked to global movements.
There would be 'no surge in energy demand as India industrialises.
The world's third largest energy firm BP Plc has rubbished India's claims that oil speculators are responsible for a global surge in crude oil prices, saying high prices were a result of production struggling to keep pace with the demand.
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