Shares of three public sector oil marketing companies rose by 0.30% to 0.81% at 10:10 IST on BSE after prices of petrol and diesel were hiked as global crude prices went up and the rupee value fell.
BPCL (up 0.81%), HPCL (up 0.70%) and Indian Oil Corporation (up 0.30%), edged higher.
The S&P BSE Sensex was down 55.16 points, or 0.26% at 20,796.17.
Public sector oil marketing companies (PSU OMCs) announced a hike in price of petrol by 75 paise a litre and diesel by 50 paise a litre as global crude prices went up and the rupee value fell. The hikes, effective midnight Friday, 3 January 2014, are excluding local sales tax or VAT and actual increase will be higher and vary from city to city.
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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