Shares of three PSU OMCs rose by 0.94% to 1.15% at 9:31 IST on BSE after media reports suggested that the price of aviation turbine fuel was hiked by 2.7% on Wednesday, 1 January 2014.
HPCL (up 1.15%), BPCL (up 0.99%) and Indian Oil Corporation (up 0.94%), edged higher.
The S&P BSE Sensex was up 113.52 points, or 0.54% at 21,254.
PSU OMCs, or public sector oil marketing companies -- Indian Oil Corporation, BPCL and HPCL -- revise jet fuel prices on the 1st and 16th of every month based on the average international crude price in the preceding fortnight.
The price of non-subsidised cooking gas (LPG), which customers buy after consuming their quota of subsidised cylinders, was also hiked by a steep Rs 220 per bottle on Wednesday, 1 January 2014, on firming international rates. The 14.2-kg cooking gas cylinder that consumers buy beyond their entitled nine bottles at subsidised rates, will now cost Rs 1,241, up from Rs 1,021 in Delhi.
Meanwhile, the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas on Wednesday, 1 January 2014, said that the under-recovery on High Speed Diesel (HSD) applicable for first fortnight of January 2014 fell to Rs 9.74 per/litre, from Rs 10.48 per litre during the second fortnight of December 2013. The under-recovery on PDS Kerosene rose to Rs 37.33 per litre for the month of January 2014, from 36.20/litre for December 2013. The under-recovery on Domestic LPG rose to Rs 762.70 per cylinder for January 2014, from Rs 542.71/cylinder for December 2013. PSU OMCs are now incurring combined daily under-recovery of about Rs 481 crore on the sale of Diesel, PDS Kerosene and Domestic LPG at government controlled prices. This is a more than the Rs 434-crore daily under-recoveries during the second fortnight of December 2013.
PSU OMCs reported a total of Rs 60907 crore as under-recoveries during first half of 2013-14 on Diesel, PDS Kerosene and Domestic LPG, the Ministry of Petroleum and Natural Gas said.
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