India permits state-run oil firms to set diesel prices

NEW DELHI Thu Jan 17, 2013 3:00am EST

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NEW DELHI Jan 17 (Reuters) - The Indian government will permit state-run oil marketing companies to set diesel prices, Oil Minister Veerappa Moily told reporters on Thursday, in a surprise move that could help the government reduce its budget-busting subsidy bill.

There had been some speculation in India media that the government would announce an increase in diesel prices, but Moily said that decision would now be left to the marketing companies.

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