PSU oil marketing companies gain after raising fuel prices

Shares of state-owned oil marketing companies were up 3-5% after they hiked prices of transport fuels suchs as petrol and diesel by over Rs 3/litre which came into effect from Saturday midnight.

The retail price of petrol has been raised by Rs 3.18/litre while incase of diesel the price is higher by Rs 3.09/litre.

Since early January, petrol prices have been revised for the fifth time while diesel prices were revised for the fourth time.

Indian Oil Corporation was up over 5% at Rs 350, Bharat Petroleum was up 4% at Rs 776 and Hindustan Petroleum was up over 3% at Rs 640.