Share prices of oil marketing companies - HPCL, BPCL and Indian Oil - fell by over 2 per cent today as petrol rate was cut by Rs 2 per litre and diesel by Rs 0.50.
HPCL fell by 2.32 per cent to Rs 824.10, BPCL was down 1.95 per cent to Rs 866.30 and IOC slipped 1.27 per cent to Rs 409.35 on BSE.
IOC later pared the losses and was trading 1.53 per cent higher at Rs 421.
The cut in petrol and diesel prices yesterday was the third reduction in rates during August on fall in global oil rates.
Further, ATF (jet fuel) price was cut by a steep 11.7 per cent today, while non-subsidised domestic LPG rates were reduced by Rs 25.5 per cylinder.
Oil firms had last cut petrol price by Rs 1.27 a litre and diesel by Rs 1.17 per litre with effect from August 15. Prior to that, rates of petrol were cut on August 1 by Rs 2.43 a litre and that of diesel by Rs 3.60.
"The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC had said.
