Oil stocks surge on hike in fuel prices

Shares of state-owned fuel retailers, IOC, BPCL and HPCL today surged up to 5.5 per cent after hike in petrol, diesel and jet fuel price.

Shares of Indian Oil Corporation gained 5.53 per cent to close at Rs 350.40 on the BSE.

Shares of Hindustan Petroleum Corporation Ltd surged 5.53 per cent to Rs 654.15 and Bharat Petroleum Corporation Ltd rose by 4.35 per cent to Rs 777.85.

On Saturday, petrol and diesel price was hiked across the country for the second time in February. On Sunday, jet fuel price was hiked by a steep 8.2 per cent while the rates of non-subsidised LPG was increased by Rs 5 per cylinder on firming international oil rates.