Shares of oil marketing companies (OMCs) are trading higher by up to 3% in early trade on Tuesday after OMCs have raised petrol prices by Rs 1.69 a litre and diesel by 50 paise a litre.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are trading higher between 1-3% on the Bombay Stock Exchange.
The OMCs attributed the price rise to the Iraq crisis which has pushed crude oil prices up $4 a barrel in the past two weeks.
“Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks” Indian Oil Corp, the nation’s largest oil firm, said.
IOC said at current rate the industry (IOC plus BPCL and HPCL) are projected to end the fiscal with Rs 107,850 crore of revenue losses, the PTI report suggests.
Among the individual stocks, IOC has gained 3% at Rs 355, followed by HPCL (2% at Rs 424) and BPCL (1.5% at Rs 608).
Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are trading higher between 1-3% on the Bombay Stock Exchange.
The OMCs attributed the price rise to the Iraq crisis which has pushed crude oil prices up $4 a barrel in the past two weeks.
“Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks” Indian Oil Corp, the nation’s largest oil firm, said.
IOC said at current rate the industry (IOC plus BPCL and HPCL) are projected to end the fiscal with Rs 107,850 crore of revenue losses, the PTI report suggests.
Among the individual stocks, IOC has gained 3% at Rs 355, followed by HPCL (2% at Rs 424) and BPCL (1.5% at Rs 608).