Oil marketing companies gain on petrol, diesel price hike
BPCL, IOC and HPCL were up 3%-5% as compared to 1% rise in the S&P BSE Sensex at 09:47 AM.
 "Oil marketing companies gain on petrol, diesel price hike")
Shares of oil marketing companies (OMCs) such as Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) rallied more than 3% each after the petrol and diesel prices were hiked on Wednesday.
The retail selling price of petrol is increased by Rs. 3.07/litre and diesel by Rs 1.90/litre at Delhi (including state levies) with corresponding price revision in other states, IOC said in a statement.
The current level of international product prices of petrol and diesel and the rupee-dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision, it added.
Among the individual stocks, BPCL surged 5% to Rs 855, followed by IOC (4% at Rs 403) and HPCL (3% at Rs 757) on the BSE. The S&P BSE Sensex was up 1% or 251 points at 24,933 at 09:47 AM.
The retail selling price of petrol is increased by Rs. 3.07/litre and diesel by Rs 1.90/litre at Delhi (including state levies) with corresponding price revision in other states, IOC said in a statement.
The current level of international product prices of petrol and diesel and the rupee-dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision, it added.
Among the individual stocks, BPCL surged 5% to Rs 855, followed by IOC (4% at Rs 403) and HPCL (3% at Rs 757) on the BSE. The S&P BSE Sensex was up 1% or 251 points at 24,933 at 09:47 AM.