Indian Oil Corporation (up 7.34%), HPCL (up 5.97%) and BPCL (up 3.11%), surged.
Among private sector oil companies, Essar Oil (up 3.67%), Reliance Industries (up 1.56%) and Cairn India (up 0.83%), rose.
Fuel accounts for a quarter of India's estimated $25.6 billion subsidy bill. The hike in fuel price could help reduce the fiscal deficit from the projected 5.5% of 2010/11 GDP and free up revenues for other programmes.
"We welcome the work of Finance and Energy Ministers in delivering implementation strategies and time-frames, based on national circumstances, for the rationalization and phase out over the medium term of inefficient fossil fuel subsidies that encourage wasteful consumption...," the G20 Declaration said at the end of two-day Summit here.
Prime Minister Manmohan Singh attended the Summit.
The government's price hike decision was based on recommendations of an expert group headed by former Planning Commission member Kirit Parikh. The group had called for freeing petrol and diesel prices from state control and raising LPG rates by Rs 100 per cylinder and kerosene by Rs 6 per litre.
However, the government settles for freeing only petrol prices, raising diesel by Rs 2 a litre, LPG (cooking gas) by Rs 35 a cylinder and kerosene by Rs 3 per litre.
Before the hike, the oil PSUs were projected to lose Rs 74,300 crore on selling petrol, diesel, domestic LPG and kerosene below cost. The diesel price hike would cut revenue loss by Rs 9,000 crore and cooking fuel price increase would help them garner Rs 5,000 crore.
A lower fuel subsidy bill may help the government reduce the fiscal deficit substantially. It was an estimated 6.9 per cent last year.
"We also encourage continued and full implementation of country specific strategies and will continue to review progress towards this commitment at upcoming summits," the G20 Declaration said.
Prime Minister Manmohan Singh attended the Summit.
The government's price hike decision was based on recommendations of an expert group headed by former Planning Commission member Kirit Parikh. The group had called for freeing petrol and diesel prices from state control and raising LPG rates by Rs 100 per cylinder and kerosene by Rs 6 per litre.
However, the government settles for freeing only petrol prices, raising diesel by Rs 2 a litre, LPG (cooking gas) by Rs 35 a cylinder and kerosene by Rs 3 per litre.
Before the hike, the oil PSUs were projected to lose Rs 74,300 crore on selling petrol, diesel, domestic LPG and kerosene below cost. The diesel price hike would cut revenue loss by Rs 9,000 crore and cooking fuel price increase would help them garner Rs 5,000 crore.
A lower fuel subsidy bill may help the government reduce the fiscal deficit substantially. It was an estimated 6.9 per cent last year.
"We also encourage continued and full implementation of country specific strategies and will continue to review progress towards this commitment at upcoming summits," the G20 Declaration said.
என்னமோ இங்கிபீசுல கசமுசான்னு போட்டிருக்கு. அதக்கொஞ்சம் தமிங்கிலீஸ்ல போட்டிருக்கலாமே அப்பு. என்னத்தப்படிக்கப் பொறுமை இருக்கு எங்களுக்கு?
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