Shares of state-owned oil marketing companies such as BPCL, HPCL and IOC, have rallied more than 4% each on hike in non-subsidized cooking gas prices by 17% to Rs 883 per cylinder effective from October 1.
“OMC have decided to revise the retail selling price of the 14.2-kg non-subsidized domestic liquefied petroleum gas (LPG) cylinder every month based upon the international LPG prices and accordingly pass it on to the consumers,” the report suggests.
The oil firms will from now declare the monthly prices of non-subsidized LPG cylinders for supplies to households as per landed cost on import parity basis after the government has restricted the supply of subsidized domestic LPG cylinders at 6 cylinders per annum from September 14.
Among the individual stocks HPCL and BPCL has rallied by 6% each to Rs 329 and Rs 368 respectively, while IOC is up 4.4% at Rs 264 on the Bombay Stock Exchange.