Indian Oil Gains After Being Allowed to Raise Diesel Prices

Indian Oil Corp., the nation’s biggest refiner, surged to the highest in more than a year after the government allowed it to raise diesel prices.

Indian Oil climbed 6.4 percent to 315.90 rupees at the close in Mumbai, its highest level since October 2011. Smaller rival Bharat Petroleum Corp. gained 3.7 percent to 396.15 rupees, while Hindustan Petroleum Corp., the third-biggest state refiner, rose 5.4 percent to 343.90 rupees. The benchmark Sensitive Index advanced 0.7 percent.