PSU OMCs edge higher after hiking diesel price by 50 paise a litre

Shares of three public sector oil marketing rose by 0.12% to 0.55% at 9:50 IST on BSE after PSU OMCs increased diesel price by 50 paise per litre effective today, 1 October 2015.

PSU OMCs made announcement after market hours yesterday, 30 September 2015.

Meanwhile, the S&P BSE Sensex was up 196.50 points or 0.75% at 26,351.33.

Among PSU OMCs, BPCL (up 0.55%), Indian Oil Corporation (up 0.52%) and HPCL (up 0.12%) edged higher.

Indian Oil Corporation (IOCL) said the price of petrol was left unchanged. After the latest increase, diesel would now cost Rs 44.95 a litre in Delhi, up from Rs 44.45. The current level of international prices and the rupee-dollar exchange rate warrant a price increase, which is being passed on to consumers with this price revision, IOCL said in a statement. The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.

PSU OMCs review fuel prices during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.

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