HPCL (down 5.74%), BPCL (down 5.06%) and Indian Oil Corporation (down 4.29%), edged lower.
The BSE Sensex was up 11.72 points, or 0.06% at 20,123.33.
According to media reports, the Prime Minister has convened a meeting over pricing of petroleum products today, 22 May 2013.
The finance ministry has proposed shifting the pricing of petrol and diesel from the current trade parity basis to export parity basis, which will help in excluding extra costs like freight and various taxes and duties. However, the finance ministry's proposal is being opposed by the petroleum ministry, which feels that the new export parity mechanism will make the refineries unviable.
According to reports, the fuel retailers are opposing switch to export parity pricing. The oil marketing companies fear a loss of Rs 18000 crore if the pricing policy is changed. Private refiners are likely to take a hit of Rs 4200 crore in sales, report added.
Media reports further said that the oil ministry is seeking expert panel opinion headed by Kirit Parikh over fuel pricing formula.
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