Shares of three public sector oil marketing companies rose by 0.78% to 2.13% at 9:41 IST on BSE as petrol prices were hiked by Rs 1.69 a litre and diesel by Rs 0.50 litre effective from 1 July 2014.
Indian Oil Corporation (IOC) (up 2.13%), HPCL (up 1.08%) and BPCL (up 0.78%), edged higher.
The S&P BSE Sensex was up 82.74 points, or 0.33% at 25,496.52.
The price hike is excluding state levies. Public sector oil marketing companies (PSU OMCs) cited a rise in global oil prices and the fall in rupee for the hike in fuel prices. India imports two-thirds of its oil needs.
Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks, IOC said in a statement.
The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes, IOC said.
PSU OMCs suffer under-recovery on domestic sales of diesel, kerosene and LPG at government controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals. The government has already freed pricing of petrol.
Powered by Capital Market - Live News
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app