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Money News

Oil companies shares rally on fuel price rise

An attendant works at a petrol station in Hyderabad June 28, 2008. REUTERS/Krishnendu Halder/Files

MUMBAI (Reuters) - Shares in state-run oil marketing companies rose more than 4 percent on Friday afternoon after a government decided to raise petrol and diesel prices.

At 2:19 p.m. (0849 GMT), Indian Oil CorpIOC.BO, Bharat Petroelum CorpBPCL.BO and Hindustan Petroleum CorpHPCL.BO all rose more than 4 percent, while the main stock index was down 0.4 percent.

Shares in state-run explorer Oil & Natural Gas Corp were up 3 percent.

(Reporting by Ami Shah)

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