State-owned oil marketing companies (OMCs) have gained in an otherwise subdues market after they decided to slash retail petrol prices by Rs 1.09 a litre and increase retail diesel price by 56 paise a litre with effect from midnight of July 31.
Diesel will now cost Rs 58.40 a litre in metro cities, bringing the OMCs closer to the market price of the fuel; petrol will be priced at Rs 72.5 a litre and non-subsidised liquefied petroleum gas (LPG) will cost Rs 920 for each cylinder.
The government controls the retail selling price of diesel, LPG and kerosene to insulate consumers from the full impact of high international crude oil prices. This results in underrecoveries to OMCs, partly compensated by government as subsidies.
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Meanwhile, the international prices of petrol, diesel and LPG have fallen in the global markets. The international crude oil price was quoting at $ 106.12 per barrel on Wednesday compared $106.34 per barrel on Tuesday.
Shares of Hindustan Petroleum Corporation (HPCL) have surged 1.4% to Rs 405 on the BSE. The stock opened at Rs 401, touched a high of Rs 407 and a low of Rs 398 on the BSE. A total of 54,860 shares have been exchanged on the BSE so far.
Shares of Indian Oil Corporation (IOC) have gained 0.5%to Rs 334 on the BSE. The stock opened at Rs 331, touched a high of Rs 334 and a low of Rs329 on the BSE. A total of 22,255 shares have been exchanged on the BSE so far.
Shares of Bharat Petroleum Corporation (BPCL) have jumped 1.2% to Rs 588 on the BSE. The stock opened at Rs 582, touched a high of Rs 588 and a low of Rs 580 on the BSE. A total of 27,532 shares have been exchanged on the BSE so far.