Shares of all three listed state-owned oil marketing companies (OMCs) are trading higher by up to 4%, erasing their entire early morning losses, after the government said under-recovery on high speed diesel declined further to Rs 1.62 per litre from Rs 2.80 per litre earlier.
Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) – are up between 1-4% on the BSE.
OMCs, effective 16 June 2014, are now incurring combined daily under-recovery of about Rs 249 crore on the sale of diesel, PDS kerosene and domestic LPG. This is less than Rs 262 crore daily under-recoveries during previous fortnight, Ministry of Petroleum & Natural Gas said in a statement.
The ministry said, the under-recovery on high speed diesel (HSD) applicable for second fortnight of June effective 16 June 2014 will go down to Rs 1.62 per litre. This was Rs 2.80 per litre during first fortnight of June 2014 with effect from 1 June 2014.
In the case of PDS kerosene and domestic LPG, the under-recoveries for the second fortnight of June 2014 continues to be Rs 32.87 per litre and Rs 432.71 per cylinder respectively, it added.
Among the individual stocks, HPCL has rallied 4% to Rs 407, followed by BPCL (3.5% at Rs 588) and Indian Oil (1% at Rs 337) on the BSE. Gail India and ONGC too, trading higher by 4% (Rs 431) and 2% (Rs 429) respectively.
Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) – are up between 1-4% on the BSE.
OMCs, effective 16 June 2014, are now incurring combined daily under-recovery of about Rs 249 crore on the sale of diesel, PDS kerosene and domestic LPG. This is less than Rs 262 crore daily under-recoveries during previous fortnight, Ministry of Petroleum & Natural Gas said in a statement.
The ministry said, the under-recovery on high speed diesel (HSD) applicable for second fortnight of June effective 16 June 2014 will go down to Rs 1.62 per litre. This was Rs 2.80 per litre during first fortnight of June 2014 with effect from 1 June 2014.
In the case of PDS kerosene and domestic LPG, the under-recoveries for the second fortnight of June 2014 continues to be Rs 32.87 per litre and Rs 432.71 per cylinder respectively, it added.
Among the individual stocks, HPCL has rallied 4% to Rs 407, followed by BPCL (3.5% at Rs 588) and Indian Oil (1% at Rs 337) on the BSE. Gail India and ONGC too, trading higher by 4% (Rs 431) and 2% (Rs 429) respectively.
