January 7, 2013 / 7:02 AM / 5 years ago

HPCL, BPCL, IOC rally on hopes for fuel price hikes

An employee fills a car with petrol at a gas station in Jammu February 26, 2010.Mukesh Gupta/Files

MUMBAI (Reuters) - Shares in state-run oil companies extended a recent rally on Monday on growing expectations the government will gradually raise the prices for diesel and liquefied petroleum gas, traders said.

Hindustan Petroleum Corp rose 5.5 percent, while Bharat Petroleum Corp gained 4.6 percent. Indian Oil Corp rose 1.9 percent.

Fuel subsidies in India are borne by the government, marketing and refining companies, as well as explorers.

Reporting by Abhishek Vishnoi, Manoj Dharra; Editing by Rafael Nam

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