Shares of public sector undertakings (PSU) oil and gas companies are trading higher by up to 8% in late noon deals on hopes that the government will allow these companies to raise diesel price by more than 50 paise a month.
Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC), Oil and Natural Gas Corporation (ONGC) and Oil India are up 4-8% on the Bombay Stock Exchange.
Government will consider a request from oil marketing companies to be allowed to raise diesel prices by more than the approved 50 paise a month, the country's oil minister, M Veerappa Moily, told television channel CNBC TV18, the Reuters report suggests.
In January, government had allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates, added report.
Among the individual stocks, IOC has surged 8% to Rs 217, followed by BPCL (up 7% at Rs 305), ONGC (up 6% at Rs 292) and Oil India (up 4% at Rs 494).
Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC), Oil and Natural Gas Corporation (ONGC) and Oil India are up 4-8% on the Bombay Stock Exchange.
Government will consider a request from oil marketing companies to be allowed to raise diesel prices by more than the approved 50 paise a month, the country's oil minister, M Veerappa Moily, told television channel CNBC TV18, the Reuters report suggests.
In January, government had allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates, added report.
Among the individual stocks, IOC has surged 8% to Rs 217, followed by BPCL (up 7% at Rs 305), ONGC (up 6% at Rs 292) and Oil India (up 4% at Rs 494).
