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OMCs may be asked to absorb fuel price hike; BPCL, HPCL, IOC tank up to 8%

BPCL and IOC were the top two losers on the Nifty

SI Reporter  |  New Delhi 

Oil

(OMCs) such as Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL) tanked up to 8% following reports that the government may ask them to absorb increase in oil prices due to inflation risks. 

Reacting to the development, and slipped 8% each to Rs 489 and 443, respectively. also slipped over 5% to Rs 408 on the National Stock Exchange (NSE).

Meanwhile, the BSE Oil & Gas index was trading at 15,260 level, down by 237 points or 1.53%.

and were the top two losers on the Nifty, pulling it down, while the Sensex was trading nearly 50 points higher.

The reports also stated that the government has no plans to lower the excise duty on fuel owing to fiscal constraints.

COMPANY LATEST PREV CLOSE LOSS(%)
B P C L 499.70 533.60 -6.35
H P C L 458.70 481.75 -4.78
I O C L 417.05 434.75 -4.07
C P C L 439.85 457.40 -3.84
M R P L 134.05 138.60 -3.28

First Published: Wed, September 13 2017. 15:10 IST
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