Shares of state-owned oil marking companies (OMC) are trading higher 1-2% in an otherwise weak market after these companies hiked petrol price by Rs 1.40 per litre from Friday midnight.
A rise in international oil prices and depreciation in rupee has led to Rs 1.40 per litre increase in price of petrol with effect from March 2, said a statement by Indian Oil Corporation (IOC).
The previous petrol price hike was Rs 1.50 a litre excluding local sales tax or value added tax (VAT) on February 16.
"The price increase has been necessitated by two factors -- the international gasoline (petrol) prices have increased from $128.57 per barrel to $131.00 a barrel since the last revision; and the rupee has depreciated from Rs 53.43 to Rs 54.15 per US $ during the period," the statement said.
Among the individual stocks, BPCL is up around 2% at Rs 393, followed by IOC (1.4% at Rs 303) and HPCL (1.3% at Rs 306) on the Bombay Stock Exchange.
A rise in international oil prices and depreciation in rupee has led to Rs 1.40 per litre increase in price of petrol with effect from March 2, said a statement by Indian Oil Corporation (IOC).
The previous petrol price hike was Rs 1.50 a litre excluding local sales tax or value added tax (VAT) on February 16.
"The price increase has been necessitated by two factors -- the international gasoline (petrol) prices have increased from $128.57 per barrel to $131.00 a barrel since the last revision; and the rupee has depreciated from Rs 53.43 to Rs 54.15 per US $ during the period," the statement said.
Among the individual stocks, BPCL is up around 2% at Rs 393, followed by IOC (1.4% at Rs 303) and HPCL (1.3% at Rs 306) on the Bombay Stock Exchange.
