Indian Oil Corp., the nation’s biggest refiner, and its state-run counterparts rose in Mumbai trading after the government said it may consider charging a levy on income tax to partly recover losses from selling fuels below cost.
India will take a decision on fuel prices soon, S. Sundareshan, additional secretary in the Oil Ministry, said today. Officials of the oil and finance ministries discussed increasing prices, rationalizing duties and oil bonds.
Indian Oil gained 10.3 rupees, or 2.5 percent, to 424.35 rupees at 11:07 a.m. local time in Mumbai. Bharat Petroleum Corp. rose 8 rupees, or 2.3 percent, to 355.75 rupees and Hindustan Petroleum Corp. gained 6.5 rupees, or 2.7 percent, to 247 rupees.
India, Asia’s third-biggest economy, imports 70 percent of its oil requirement and is trying to soften the impact of surging crude oil prices. Retail fuel prices are capped in India to help curb inflation, which is running at a 3 1/2 year high.
New York oil futures have increased 24 percent in the past two months and reached a record $135.09 on May 22.
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