Three public sector oil marketing companies rose 1.79% to 2.87% at 09:45 IST on BSE after Indian Oil Corporation yesterday, 4 April 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 4/5 April 2016.
BPCL (up 2.12%), HPCL (up 2.87%) and Indian Oil Corporation (up 1.79%) edged higher.
Meanwhile, the S&P BSE Sensex was down 98.59 points or 0.39% at 25,301.06
IOCL yesterday, 4 April 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 4/5 April 2016. Petrol price was hiked by Rs 2.19 per litre and diesel price was raised by 98 paise a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 61.87 per litre and diesel costs Rs 49.31 a litre.
In the global commodities markets, Brent for June settlement was currently down 9 cents at $37.60 a barrel. The contract had declined 98 cents or 2.53% to settle at $37.69 a barrel during the previous trading session. Decline in crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel.
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