Shares of state-owned oil marketing companies are trading higher in the range of 1-2% in early morning deals after these companies hiked price of petrol by Rs 1.55 a liter due to falling rupee and rising international oil prices.
Indian Oil, in a statement released on its website on Sunday, said the hike is due to "the combined impact of deteriorating exchange rate and increasing international oil prices".
This is a fourth increase in the price of the fuel since June thanks to depreciation of the rupee against dollar.
Among the individual stocks, Indian Oil Corporation is up 2.2% at Rs 225, followed by HPCL (up 1.7% at Rs 237) and BPCL (up 1.5% at Rs 348) on the Bombay Stock Exchange.
Indian Oil, in a statement released on its website on Sunday, said the hike is due to "the combined impact of deteriorating exchange rate and increasing international oil prices".
This is a fourth increase in the price of the fuel since June thanks to depreciation of the rupee against dollar.
Among the individual stocks, Indian Oil Corporation is up 2.2% at Rs 225, followed by HPCL (up 1.7% at Rs 237) and BPCL (up 1.5% at Rs 348) on the Bombay Stock Exchange.
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