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Oil & Gas Index recovers on minister’s comments

June 22, 2010

INDIA/ONGC

The BSE Oil & Gas Index recouped early losses and ended marginally up on Tuesday after the oil minister said a decision on fuel prices would be taken on Friday.

Earlier this month, the government deferred a decision on raising fuel prices, the second time in a year that it has tripped on pushing the politically-sensitive reform measure that could help trim a budget deficit.

Gains in the Oil & Gas Index were led by state-run gas firms BPCL, which rose 4.3 pct, and HPCL which climbed 3.6 percent. ONGC ended in the red, down 0.5 percent.

For the year, the Oil & Gas Index has given a negative return of nearly 0.4 pct. Do you think raising fuel prices will help energy companies recover losses?

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