PSU OMCs edge higher after oil min's clarification on fuel price revision

Shares of two public sector oil marketing companies rose 0.05% to 0.2% at 11:44 IST on BSE after oil minister Dharmendra Pradhan reportedly ruled out government intervention to disrupt the daily revision in petrol and diesel prices.

HPCL (up 0.05% at Rs 457.60) and Indian Oil Corporation (up 0.2% at Rs 417) gained. BPCL (down 1.25% at Rs 494.10) declined.

Shares of three public sector oil marketing companies (PSU OMCs) had tumbled between 4.28% and 6.23% yesterday, 13 September 2017, on concerns that government may interfere in the existing daily fuel price revision policy after steep hike in fuel prices in the last 2 months.

Meanwhile, the S&P BSE Sensex was up 35.13 points or 0.11% at 32,221.54.

According to reports, oil minister Dharmendra Pradhan yesterday, 13 September 2017 ruled out government intervention to disrupt the daily revision in petrol and diesel prices despite steep spike in rates since July, saying the reform will continue. Pradhan, however, remained non-committal on cutting taxes to soften the blow of relentless rise in prices since 3 July, stating that the government need to finance huge infrastructure and social projects has to be balanced with consumer needs, reports added.

Pradhan reportedly stated that it is high time GST Council should consider bringing the petroleum products in the ambit of GST.

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