PSU OMCs rally on diesel price regulation

Three PSU OMCs rose by 5.33% to 5.92% at 09:45 IST on BSE after the government deregulated diesel prices on Saturday, 18 October 2014.

Meanwhile, the BSE Sensex was up 357.62 points, or 1.37%, to 26,467.85

HPCL gained 5.92% to Rs 520.30 after hitting a 52-week high of Rs 534 in intraday trade today, 20 October 2014.

BPCL advanced 5.84% to Rs 705. Indian Oil Corporation (IOC) surged 5.33% to Rs 385.

After a Cabinet meeting on Saturday, 18 October 2014, Finance Minister Arun Jaitley announced that diesel price stood deregulated to allow it to move as per market conditions, just like petrol. Following this, Indian Oil Corporation (IOCL) announced reduction in diesel price by Rs 3.37 per litre (including VAT) in Delhi with corresponding decrease in other States from 19 October 2014.

The movement of prices in international oil market and rupee dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes in diesel prices, IOCL said.

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