Shares of state-run oil marketing companies fell for the second day today dropping by up to 3% after the government ruled out any hike in rates of diesel, domestic gas (LPG) and kerosene as of now.
Bharat Petroleum Corp (BPCL) settled 2.38% lower at Rs 700.15, while IOC was down 1.77% at Rs 260.80. Hindustan Petroleum Corp (HPCL) lost 0.69% to Rs 295 on the BSE.
"BPCL, HPCL continued to shed on the announcement made yesterday that price hike of diesel, kerosene and LPG are unlikely," Sharmila Joshi Head Equity Fairwealth Securities said.
Oil Minister S Jaipal Reddy had yesterday said, "We are not considering hiking prices of diesel, domestic LPG and kerosene. It is out of question right now."
Last week, petrol price was hiked by Rs 7.54 per litre -- the steepest hike in petrol price ever.