January 7, 2013 / 6:57 AM / 5 years ago

Indian oil companies shares rally on hopes for fuel price hikes

1 Min Read

MUMBAI, Jan 7 (Reuters) - Shares in India's 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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