PSU OMCs shrug off reduction in fuel prices

Shares of three public sector oil marketing companies gained 1.96% to 3.52% at 09:51 IST on BSE after prices of petrol and diesel were reduced with effect from midnight of 30 June/1 July 2016.

Indian Oil Corporation (up 3.52%), HPCL (up 3.01%) and BPCL (up 1.96%) edged higher.

Meanwhile, the S&P BSE Sensex was up 160.68 points, or 0.6% at 27,160.40

Indian Oil Corporation after market hours yesterday, 30 June 2016, announced a decrease in the price of petrol and diesel with effect from the midnight of 30 June/1 July 2016. Petrol price was decreased by Rs 0.89 per litre and diesel price was decreased by Rs 0.49 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 64.76 per litre and diesel costs Rs 54.70 a litre.

The government decontrolled petrol & diesel prices. Public sector oil marketing companies (PSU OMCs) undertake fuel price review twice during the month based on the trend in international oil market. The first price review takes place during the middle of the month and the second on the last day of the month.

Powered by Capital Market - Live News