HPCL (up 0.96%), BPCL (up 0.68%) and Indian Oil Corporation (up 0.46%), edged higher.
The S&P BSE Sensex was down 8.87 points, or 0.04% at 19,751.43.
PSU OMCs hiked retail selling prices of petrol by Rs 0.75 per liter and increased retail selling price of diesel by Rs 0.50 per liter with effect from Saturday, 1 June 2013. The current increase was mainly due to depreciation of rupee from Rs 54.26 to Rs 55.32 against the dollar.
PSU OMCs suffer under recoveries on domestic sale of diesel, LPG and kerosene at controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals while completely deregulating diesel prices sold to institutional or bulk buyers. The government has already freed pricing of petrol.
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