State-run oil firms’ shares up on diesel price hike hopes

Reuters Market Eye – Shares of state-run oil marketing companies gain after a media report said the petroleum ministry was planning to propose a hike of 5 rupees in diesel prices.

The ministry is considering the diesel price hike along with a proposal for a new subsidy sharing mechanism, the Business Standard newspaper reported on Thursday, citing unnamed officials.

Shares of Indian Oil Corp , Hindustan Petroleum Corp and Bharat Petroleum Corp are trading 2-3 percent higher.