New Delhi

THE slump in crude oil prices has almost doubled the value of India's big, state-owned refiners, outpacing the rest of the industry from China to the US

The companies had been forced to make a large proportion of sales at below cost for more than a decade. Now, they can profit from fuels after India's new government saw its opportunity in falling oil prices to deregulate the market without bothering its inflation targets. Opec's decision to sit on its hands in the face of an oil glut has only accelerated share gains.