The Bombay Stock Exchange’s (BSE) Oil and Gas Index outperformed the Sensex this week on reports that a proposal to allow oil marketing firms to fix retail fuel prices based on market prices would be sent to the Cabinet for discussion within six weeks.

All the four major public sector oil and gas firms — Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) closed at their 52-week highs on BSE.

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The BSE Oil and Gas Index closed at 10,419.47 on Friday, appreciating 6.2 per cent compared to 5.3 per cent rise in the Sensex during the week.

MRPL was the largest gainer, rose 21 per cent from Rs 62.55 to Rs 75.65 during the week. IOC, the second-largest gainer, was up 17 per cent at Rs 609.30 (Rs 520.50), followed by HPCL 13 per cent at Rs 363.30 (Rs 320.70), ONGC 12.5 per cent at Rs 1,175.90 (Rs 1,045.30) and BPCL by 4 per cent at Rs 464.95 (Rs 447.50).

The combined trading volume of these five stocks jumped 93 per cent with a total of 11.68 crore equity shares changing hands this week compared with 6.08 crore shares in the previous week.

Currently the government sets retail fuel prices below actual prices, and partially subsidises state-run marketing firms. According to the proposal, IOC, HPCL and BPCL will be given freedom to fix rates of petrol and diesel till the time crude oil stays below $75 a barrel. If it breaches this mark, the government will step in to protect the interests of consumers.

Meanwhile, four refineries companies — IOC, BPCL, MRPL and Chennai Petroleum have declared their fourth quarter results, posting Rs 11,131 crore in net profit for the quarter ended March 2009 against Rs 213 crore during previous comparable quarter.

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