BPCL (up 0.45%), Indian Oil Corporation (up 0.19%) and HPCL (up 0.08%), edged higher.
The S&P BSE Sensex was up 3.15 points, or 0.02% at 19,398.96.
Public sector oil marketing companies (PSU OMCs) raised petrol price by Rs 1.82 a litre, excluding local sales tax or VAT, with effect from midnight of Friday, 28 June 2013. Actual increase will be higher and will vary from city to city depending on local taxes.
Petrol price in Delhi was hiked by Rs 2.19 per litre to Rs 68.58 as against Rs 66.39 earlier. In Mumbai, petrol price has been increased by Rs 2.30 to Rs 76.90 while in Kolkata rates went up from Rs 73.79 to Rs 76.10 per litre. In Chennai, prices were hiked by Rs 2.32 to Rs 71.72. The price hike was mainly due to depreciation of rupee against the dollar.
PSU OMCs suffer under recoveries on domestic sale of diesel, LPG and kerosene at controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals while completely deregulating diesel prices sold to institutional or bulk buyers. The government has already freed pricing of petrol.
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