India oil min tells states to cut fuel taxes

The Indian government,which controls the retail prices of gasoline,diesel,cooking gas and kerosene,earlier this month deferred a decision on raising fuel prices. [ID:nSGE656090

Crude oil gained more than 1 percent on Monday after China pledged to make its currency more flexible.

U.S. crude for July delivery climbed as much as $1.69 to $78.87 on Monday,the highest since May 6,and was up $1.11 at $78.30 at 1222 GMT. August ICE Brent rose $1.28 to $79.50 a barrel,the highest since May 14.

Deora said the government was committed to providing fuel to the common man at affordable rates.

He said in 2009/10 (April-March),state-run oil marketing firms got 260 billion rupees ($5.7 billion) from the government and 144.30 billion rupees from upstream companies toward revenue loss on sale of fuels at cheaper rates. ($1-45.75 rupees)