Shares of three public sector oil marketing companies rose by 1.59% to 2.66% at 9:23 IST on BSE after prices of petrol and diesel were revised with effect from midnight of 16 December 2016.
BPCL (up 2.66%), HPCL (up 1.73%) and Indian Oil Coporation (IOCL) (up 1.59%), edged higher.
Meanwhile, the S&P BSE Sensex was down 77.93 points, or 0.29% at 26,411.63.
IOCL on Friday, 16 December 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 16/17 December 2016. Petrol price was hiked by Rs 2.21 per litre and diesel price was raised by Rs 1.79 a litre at Delhi (excluding state levies).
The current level of international product prices of petrol & diesel and rupee-dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision, IOCL said in a statement. The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.
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.
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