Finance Minister Says India Considers Freeing Oil Prices

Bloomberg reported that Finance Minister Palaniappan Chidambaram said India is mulling over the possibility of freeing the prices of oil drilled locally in order to lure more foreign investors.

As quoted in the market news:

We are at an advanced stage — a cabinet paper is under consideration on how to move from an administratively fixed price to a market-related price for oil and gas explored and excavated by companies,” he told investors in Toronto as he started a tour of Canada and the U.S. to woo investors.

Click here to read the full Bloomberg report.