Shares in state-owned oil marketing companies extended gains after Petroleum Minister S. Jaipal Reddy said India will have to hike the price of heavily subsidised fuels such as diesel in the short term.
Although Reddy added a hike in fuel prices is not on the agenda for a cabinet committee meeting later in the day, his comments nonetheless cements market expectations for such an increase.
Hindustan Petroleum Corp gained 3.1 per cent, Bharat Petroleum Corp rose 2.1 per cent, and Indian Oil Corp Ltd advanced 1.1 per cent.
Copyright Thomson Reuters 2012
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