IOC, BPCL, HPCL shares gain on fuel price hike

A logo of Indian Oil is picture outside a fuel station (REUTERS)Premium
A logo of Indian Oil is picture outside a fuel station (REUTERS)
 1 min read . Updated: 10 May 2021, 10:57 AM IST Staff Writer

Shares of oil marketing companies (OMCs) surged up to 2% in Monday's trading session after petrol and diesel prices were hiked on Monday after a two-day pause. As compared to Sunday, petrol has become costlier by 23-26 paise while the price of diesel has increased by 31-3 paise.

Indian Oil Corporation (IOC) shares were trading 2.43% higher at ₹97 per share on the BSE at around 10:50 am. Shares of Hindustan Petroleum Corporation (HPCL) surged 1.25% to trade at around ₹254.75 apiece while Bharat Petroleum Corporation (BPCL) rose 1.2% to hover around ₹449 per share.

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In Delhi, petrol prices were increased by 26 paise from ₹91.27 per litre to ₹91.53 per litre and diesel by 33 paise from ₹81.73 per litre to ₹82.06 per litre, according to the state-owned fuel retailers. Whereas, Petrol in Mumbai retailed at ₹97.86 per litre while diesel at ₹89.17 per litre.

Maharashtra joined Rajasthan and Madhya Pradesh in the league of states where petrol rates breached the ₹100-a-litre mark. The fuel is sold at ₹102.42 a litre in Sri Ganganagar district of Rajasthan and at ₹102.12 in Anuppur of Madhya Pradesh.

Maharashtra's Parbhani joined the league on Monday. Petrol in Parbhani was priced at ₹100.20 a litre, while in Bhopal it came for ₹99.55 a litre, as reported by PTI.

Fuel prices differ from state to state depending on the incidence of local taxes such as value added tax (VAT) and freight charges.

On the other hand, Crude prices climbed more than 1% on Monday after a major cyber attack forced the shutdown of critical fuel supply pipelines in the United States.

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