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Toluene is just a commonly available hydrocarbon like benzene, kerosene, etc. It will raise the octane rating of gasoline but so will a bunch of other chemical compounds, tetra-ethyl-lead being the most infamous. Increasing octane rating of gasoline isn't brain surgery, pretty easy to do. Problem is doing it economically so the consumer can afford to buy the stuff by the tank-full. Lead was popular because it was the most cost effective way to get the boost. Problem with toluene and most of the other options out there is that the Base chemical costs more than gasoline and it takes so much of it to get the effect that it becomes cost prohibitive.
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