OMCs gain on hike in petrol price

IOC, HPCL and BPCL are up 1-2% on the Bombay Stock Exchange.

Shares of state-owned oil marketing companies are trading higher in the range of 1-2% in early morning deals after these companies hiked price of petrol by Rs 1.55 a liter due to falling rupee and rising international oil prices.

Indian Oil, in a statement released on its website on Sunday, said the hike is due to "the combined impact of deteriorating exchange rate and increasing international oil prices".

This is a fourth increase in the price of the fuel since June thanks to depreciation of the rupee against dollar.

Among the individual stocks, Indian Oil Corporation is up 2.2% at Rs 225, followed by HPCL (up 1.7% at Rs 237) and BPCL (up 1.5% at Rs 348) on the Bombay Stock Exchange.