Shares of state-owned oil marketing companies (OMCs) – Indian Oil, HPCL and BPCL are trading higher after yesterday’s fall on reports that they are set to raise petrol price by 50-60 paise from December 16 as a weakening rupee and the fuel's rising price in the international bulk market dent their bottom lines.
According to the OMCs, the hike could be in the range of 50 paise to Re 1, however, no concrete figure could be ascertained at the moment. The depreciating rupee has added Rs 50,000 crore to the fuel subsidy bill until now, the report suggests.
Among the individual stocks, Bharat Petroleum rallied 3% to Rs 530, Hindustan Petroleum rose 2.5% at Rs 284 and Indian Oil was up 2% at Rs 273 on the Bombay Stock Exchange.