A mixed bag for oil shares

Oil stocks ended the day with mixed trend after the government increased petrol and diesel prices.

Most of these stocks gained in the range of two per cent to four per cent during intra-day trading but closed lower.

The government hiked the price of petrol by Rs 2.50 per litre and diesel by Rs 2 per litre with effective from June 21. However, the prices of kerosene and LPG have been left unchanged.

Bharat Petroleum Corporation (BPCL), Chennai Petroleum, Oil and Natural Gas Corporation (ONGC) and Bongaigaon Refineries ended the day with marginal gains, while Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC), MRPL and Kochi Refineries shares declined over their Friday's close.

BPCL was the major gainer, appreciating 1.11 per cent to close at Rs 371.95 against Friday's close of Rs 367.85.

The stock touched an intra-day high of Rs 381 on the Bombay Stock Exchange (BSE).

Chennai Petroleum ended 0.65 per cent higher to Rs 193.05 against the previous day's close of Rs 191.80. The stock touched Rs 198.45 during intra-day trades.

ONGC gained 0.41 per cent to close at Rs 193.05 (Rs 191.80) and Bongaigaon Refinery 0.37 per cent to Rs 95.35 (Rs 95).

This is the first time that the government has allowed public sector oil marketing companies to raise petrol and diesel prices since November last year.

IOC gained 3.57 per cent to touch a high of Rs 455.85 during intra-day trade but closed 0.57 per cent lower at Rs 437.65 against Friday's end figure of Rs 440.15.

HPCL closed 0.73 per cent lower at Rs 318.85 against previous day's Rs 321, MRPL fell 0.63 per cent to Rs 47.15 (Rs 47.45) and Kochi Refineries 0.46 per cent to Rs 162.25 (Rs 163).