BPCL, HPCL slip up to 5% as Cabinet relaxes fuel retailing norms

With this, new players in the fuel-marketing space like Total, Adani, and Saudi Aramco -- and even super markets -- can open outlets for selling automobile fuel.

Shares of oil marketing companies (OMCs) such as Bharat Petroleum Corpation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) slipped up to 5 per cent in the early deals on the NSE on Thursday after Cabinet Committee on Economic Affairs (CCEA) opened up fuel retailing norms and allowed non-oil companies to set up petrol pumps to increase competition.

Individually, BPCL slid up to 5 per cent to Rs 500.65, HPCL dipped up to 3.3 per cent to Rs 298.5 per cent, and Indian Oil Corporation (IOC) slipped up to 2 per cent each to Rs 141.4. A total of