Oil marketing companies dip on cut in fuel prices

Shares of oil marketing companies - Indian Oil Corporation, HPCL and BPCL - witnessed selling pressure today following a cut in petrol and diesel prices.
IOC's scrip fell by 2.29 per cent to settle at Rs 364.20 and HPCL lost 2.21 per cent to Rs 633.70 on the BSE.
Similarly, shares of BPCL declined by 0.26 per cent to Rs 800.95.
Petrol price was yesterday cut by 80 paise per litre and diesel by Rs 1.30 a litre on global cues, the second reduction in rates this month.
"Since last price change, the trend of international prices of petrol and diesel and Rupee-US dollar exchange rate warrant a further downward revision in prices, the impact of which is being passed on to consumers with this price decrease," IOC had said in a statement yesterday.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
Meanwhile, in the broader market the BSE Sensex ended at 28,666.04, down 133.65 points.