The bandh is West Bengal’s answer to the hike in fuel prices. After putting it off for weeks, India’s central government sharply raised fuel prices on Wednesday. An extra Rs 5 per liter for petrol (up around 11 percent,) Rs 3 for diesel, Rs 50 for a cylinder of cooking gas.

That’s a steep rise. With global oil prices at record highs, the Indian government had to give in. As it is, fuel prices in India are heavily subsidised to ease the impact on the millions who live in poverty.

http://business.blogs.cnn.com /

Is there a mistake? Why hike and rise are in singular?

I need to stimulate my business. I'm going to lower every price in my store by 15%. I know that's a big drop, but I have to do it. Should I say, "I know those are big cuts/drops?" Even if I change them all by different amounts, or percentages, since I lower them all at the same time, it can be considered as one price reduction.
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Great explanation, Avangi. Very clear!
I'd say that it's your option, to treat the change as singular or plural. Obviously, if you were lowering some prices and raising others this wouldn't work.