 "OMCs dip on drop in fuel prices")
Shares of state-owned oil marketing companies (OMCs) – Indian Oil Corporation, HPCL and BPCL are trading lower up to 2% on the BSE after the companies announced a reduction in retail selling price of petrol and diesel after trading hours yesterday, 15 April 2015.
The retail price of petrol is cut by Rs 0.80 a litre and retail price of diesel is slashed by Rs 1.30 a litre in-line with the decline in crude oil prices.
Since the last reduction in petrol and diesel prices on 2 April 2015, the trend of international prices of petrol and diesel and the rupee-dollar exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease, IOCL said.
The movement of prices in international oil market and the rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes, IOCL added.
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