Shares of oil marketing companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) were trading higher in the early trade on Friday after they revised fuel prices. Petrol prices increased by 0.58 per litre while diesel prices decreased by Rs 0.31 per litre.
IOC shares advanced as much as 0.9 per cent in the early trade. At 9.35 am, the scrip was trading 0.60 per cent up at Rs 561.85. Shares of the company opened the day at Rs 564 and has touched a high and low of Rs 564 and Rs 560.50, respectively, in trade so far. According to reports, the oil marketing company will invest Rs 1.8 trillion in the next 6-7 years to ramp up capacities in refineries and gas pipeline. In the current year, IOC will invest close to Rs 15,000 crore on various projects under implementation.
BPCL shares gained over 1 per cent in the early trade. Shares of oil retailers were trading 0.47 per cent up at Rs 571.60. The scrip opened the day at Rs 517.80 and has touched a high and low of Rs 574.80 and Rs 570.30, respectively, in trade so far. HPCL shares climbed nearly 1.50 per cent in the early trade. At 9.38 am, shares of the company were trading 0.42 per cent up at Rs 398.05.
Petrol in Delhi will now be priced at Rs 64.05 per litre whereas diesel prices will now be priced at Rs 52.63 per litre.