Oil and gas stocks today rose by up to 7.1 per cent amid hopes that a decision on raising fuel prices will be taken after UPA Chairperson Sonia Gandhi returns from the US.
Led by the gains in these stocks, the BSE oil and gas index ended the day with a gain of 2.20 per cent at 8,572.54.
A decision on raising diesel prices by Rs 3-5 per litre, kerosene by Rs 2 and LPG by up to Rs 50 per cylinder will be taken after Sonia Gandhi returns, top government officials had said yesterday.
"It is a political decision. The Congress Core Group will have to first decide on it before it can be considered by the Cabinet Committee on Political Affairs (CCPA)," an official had said.
Sonia Gandhi left for the United States on September 2 for a medical check-up and is expected to be back in about a week.
Meanwhile, in the broader market, the BSE Sensex settled 290 points higher at 19,270.06.