BPCL, HPCL, IOC shares gain on petrol, diesel price hike

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New Delhi | Published: May 17, 2016 12:16:12 PM

Shares of oil marketing companies such as BPCL, IOC and HPCL gained upto 3 per cent on Tuesday after they hiked petrol and diesel prices on Monday.

bpcl, hpcl, ioc, petrol, dieselShares of oil marketing companies such as BPCL, IOC and HPCL gained upto 3 per cent on Tuesday after they hiked petrol and diesel prices on Monday. (Reuters)

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.

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