OMCs celebrate petrol price hike

Oil Marketing companies (OMCs) like HPCL, BPCL and IOC are up in the green. HPCL hit a new 52-week high today at Rs.710.90 and IOC is up over 1.5% at Rs.358. BPCL is also up over 1.5% at Rs.846 levels.

These OMC stocks are up in an other dull market as these companies announced a hike in petrol price by 64 paise/litre and a Rs.1.35/litre cut in diesel price. This has been done to align the domestic prices wth the global benchmark rates. This is the third straight hike in petrol prices.

PSU fuel retailers revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.