OMCs gain on hike in fuel prices

IOC, BPCL and HPCL were up 1% to 2% on the BSE in intra-day trade.

Shares of oil marketing companies (OMCs) were trading higher by up to 2% on the BSE after these companies raised petrol and diesel prices with effect from midnight of Sunday, January 15th 2017.

Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) were up 1% to 2% on the BSE in intra-day trade. At 09:52 am; the S&P BSE Sensex was down marginally by 0.10% or 27 points at 27,211.

This is the second hike in petrol and diesel prices in one fortnight. IOC, BPCL and HPCL revise rates on 1st and 16th of every month based on average international price in the previous fortnight.

“The current level of international product prices of petrol & diesel and INR-USD exchange rate warrant increase in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a press release.

The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.

COMPANY	LATEST	PREV CLOSE	GAIN(%)
M R P L	109.80	107.25	2.38
I O C L	357.00	350.75	1.78
C P C L	329.05	325.80	1.00
H P C L	489.70	487.90	0.37
B P C L	659.50	657.50	0.30