MUMBAI, Jan 18 (Reuters) - Shares in state-run oil firms
such as ONGC surged for a second consecutive session
on Friday after the government's diesel price hike was seen
reducing their subsidy burden.
Producer Oil and Natural Gas Corp Ltd was up 9.4
percent as of 0356 GMT, adding about $6 billion in market value.
Refiner Hindustan Petroleum Corp Ltd was up 7.3
percent while Bharat Petroleum Corp Ltd NS> was up 6.3
percent. Oil India Ltd was up 9.4 percent.
The government fixes retail prices of liquefied petroleum
gas, kerosene and diesel, leading to revenue losses at state-run
(Reporting by Rafael Nam; Editing by Sunil Nair)