Indian Oil Gains After Being Allowed to Raise Diesel Prices - Bloomberg: "Finance Minister Palaniappan Chidambaram is seeking to reduce spending on fuel subsidies as part of a plan to narrow the budget deficit to a two-year low of 5.1 percent of gross domestic product and avoid a ratings downgrade. The state refiners lost 738.2 billion rupees ($14 billion) from selling diesel below cost in the nine months ended Dec. 31, making up 59 percent of the total loss on fuel sales."
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