Shares of oil marketing companies such as Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) gained upto 3 per cent on Tuesday after they hiked petrol and diesel prices on Monday.
Petrol price was hiked by 83 paise a litre and diesel by Rs 1.26 per litre, the second increase in rates this month.
Petrol now cost Rs 63.02 per litre in Delhi, while a litre of diesel cost Rs 51.67. Rates were last hiked by Rs 1.06 a litre on petrol and Rs 2.94 a litre on diesel on May 1.
Shares of BPCL, HPCL and IOC rallied as much as 2.90 per cent, 2.53 per cent and 1.59 per cent, respectively.
State-owned fuel retailers revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.