Three PSU OMCs lost 1.45% to 2.74% at 14:19 IST on BSE on reports that oil minister denied plans to increase in kerosene, LPG prices.
HPCL (down 2.74% at Rs 404.75), Indian Oil Corporation (IOCL) (down 2.5% at Rs 333.40) and BPCL (down 1.45% at Rs 572.40) declined.
Meanwhile, the S&P BSE Sensex was down 157.60 points or 0.62% at 25,156.14.
Oil Minister Dharmendra Pradhan reportedly said on Wednesday, 25 June 2014, evening that there is no proposal to raise kerosene or LPG prices. Media reports had recently suggested that the Oil Ministry is mulling a staggered monthly price hike for LPG and kerosene, as is being done for diesel, in a bid to reduce the government's fuel subsidy burden. PSU OMCs have been raising diesel prices by 50 paise per litre every month after the Congress led United Progressive Alliance (UPA) government in January 2013 allowed PSU OMCs to increase the retail selling price within a small range every month.
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