Shares of three public sector oil marketing companies rose by 0.68% to 1.37% at 10:00 IST on BSE after announcing a hike in petrol and diesel prices.
The announcement was made after market hours yesterday, 31 May 2016.Meanwhile, the S&P BSE Sensex was up 151.02 points or 0.56% at 26,818.28.
Indian Oil Corporation (up 1.37%), BPCL (up 0.7%) and HPCL (up 0.68%) gained.
Indian Oil Corporation (IOCL) yesterday, 31 May 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 31 May 2016. Petrol price was hiked by Rs 2.58 per litre and diesel price was raised by Rs 2.26 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 65.60 per litre and diesel costs Rs 53.93 a litre. The government decontroled petrol & diesel prices.
PSU OMCs undertake fuel price review twice during the month based on the trend in international oil market. The first price review takes place during the middle of the month and the second on the last day of the month.
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