Shares of three public sector oil marketing companies rose by 2.26% to 3.47% at 10:00 IST on BSE after PSU OMCs announced hike in retail selling price of petrol and diesel.
PSU OMCs announced hike in retail selling price of petrol and diesel after trading hours on Friday, 15 May 2015.
Meanwhile, the BSE Sensex was up 124.26 points, or 0.45% to 27,451.63.
Among PSU OMCs, BPCL (up 2.26%), Indian Oil Corporation (up 2.47%) and HPCL (up 3.47%) edged higher.
BPCL had outperformed the market over the past one month till 15 May 2015, falling 4.65% compared with 5.12% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.69% as against Sensex's 6.09% fall.
Indian Oil Corporation had underperformed the market over the past one month till 15 May 2015, falling 9.83% compared with 5.12% fall in the Sensex. The scrip had however outperformed the market in past one quarter, rising 8.21% as against Sensex's 6.09% fall.
HPCL had underperformed the market over the past one month till 15 May 2015, falling 6.98% compared with 5.12% fall in the Sensex. The scrip had however outperformed the market in past one quarter, falling 3.8% as against Sensex's 6.09% fall.
Indian Oil Corporation (IOCL) has raised retail selling price of petrol by Rs 3.13 a litre in Delhi (including state levies) with corresponding price revision in other states. With this change, the price of petrol in Delhi stands at Rs 66.29 a litre. The hike in price took effect from the midnight of 15/16 May 2015. IOCL has raised retail selling price of diesel by Rs 2.71 a litre in Delhi (including state levies) with corresponding price revision in other states. With this change, the price of diesel in Delhi stands at Rs 52.28 a litre. IOCL said that there has been a steep increase in international prices of both petrol and diesel during the fortnight. The rupee also depreciated quite significantly during the fortnight. The combined impact of both these factors warrant an upward revision in retail selling prices, the impact of which is being passed on to the consumers with this latest price increase, IOCL said in a statement issue on Friday, 15 May 2015. The movement of prices in international oil market and the rupee-dollar exchange rate will be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.
PSU OMCs suffer under-recoveries on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
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