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India lowers fuel prices to ease inflation

NEW DELHI, Feb. 15 (UPI) -- India's prime minister cut gasoline prices Thursday after the government reported inflation jumped to a two-year high of 6.73 percent.

The New Delhi government cut gasoline prices by 4.5 cents a liter and diesel prices by 2.3 cents, The Times of India reported. "As far as inflation is concerned, we are adopting a multi-pronged strategy that will yield results soon," said Prime Minister Manmohan Singh.

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He said the results of the strategy will be evident "within a few weeks."

Separately, Commerce Minister Kamal Nath said India would liberalize imports to control inflation, perhaps adjusting duties further and cutting excise rates.

India has already cut import duties and banned wheat exports in a bid to lower prices.

India's central bank raised the amount of money banks must keep on deposit to 6 percent from 5.5 percent.

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