India's ONGC, oil stocks gain on diesel hike proposal

MUMBAI Thu Jan 10, 2013 9:48am IST

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MUMBAI Jan 10 (Reuters) - Shares in Oil & Natural Gas Corp rose as much as 3.6 percent on Thursday as part of a rally across oil companies after the oil ministry moved a proposal to raise diesel prices to the federal cabinet.

India's oil ministry has proposed to raise diesel prices by 1 rupee per month for 10 monhts and to increase the number of subsidised cylinders.

ONGC shares rose 3.1 percent as of 0416 GMT. Hindustan Petroleum Corp gained 2 percent, while Bharat Petroleum Corp rose 2.1 percent. Indian Oil Corporation was up 3.8 percent. (Reporting by Manoj Dharra and Rafael Nam; Editing by Sunil Nair)

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