India May Raise Diesel Rates to Cut $44 Billion Loss
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India may increase diesel, kerosene and cooking gas prices to support state-run refiners facing revenue losses of 2 trillion rupees ($44 billion) this fiscal year, an oil ministry official said today. Energy shares surged.
A panel of ministers led by Finance Minister Pranab Mukherjee will meet on June 9 and discuss prices following crude oil’s rise, the person said, asking not to be identified before a public announcement.