September 21, 2010 by Post Team
Hindustan Petroleum, Hindustan Petroleum Corp., the third largest oil refinery in India the state, could increase gasoline prices at a couple of days, B. Mukherjee, finance director, said by telephone today.
Mukherjee said after CNBC television reported that Indian Oil Corp. and Hindustan Petroleum would raise gasoline prices by up to 0.28 rupees per liter, without saying where it obtained the information.
Hindustan Petroleum shares rose 2.2 percent to 544.25 rupees in Mumbai trading today, the highest since Sept. 14. Indian Oil, the nation’s largest state refiner, rose 2.9 percent to 441.10 rupees, a record. Bharat Petroleum Corp. jumped 4.7 percent to a record 802.15 rupees.
The Indian government released gas prices on June 25 to reduce fuel subsidies and limiting the losses of state refineries. The government then said diesel prices will eventually be freed from state control.
The refineries will review the need to review gas prices every month, Serangulam V. Narasimhan, chief financial officer of Indian Oil, said July 14. Narasimhan could no immediate comment when reached today’s mobile phone
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