OMCs jumps on Finance Secretary's comment on diesel subsidy
Source: IRIS | 21 Aug, 2014, 04.32PM
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Oil marketing companies (OMCs) witnessed a sharp rise in share prices on Thursday on hopes the subsidy on diesel prices will be wiped out soon.
The Finance Secretary Arvind Mayaram said that government will be able to exit diesel subsidy if the oil prices remain at current levels.
Once that is achieved, price of diesel will be driven by the market, Mayaram said. HPCL led the rally among OMCs, with gain of 4.42%. It was followed by IOC (4.32%) and BPCL (2.95%).
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