Shares in Indian state-owned oil marketing companies extend gains after Oil Minister S. Jaipal Reddy says India will have to hike the price of heavily subsidised fuels such as diesel in the short term.
Although Reddy adds a hike in fuel prices is not in the agenda for a cabinet committee meeting later in the day, his comments nonetheless cement market expectations for such an increase.
As of 1405 IST, Hindustan Petroleum Corp gains 3.1 percent, Bharat Petroleum Corp gains 2.1 percent, and Indian Oil Corp Ltd rises 1.1 percent.
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