BPCL, HPCL, IOC climb on plan to review fuel prices on daily basis

NEW DELHI: Shares of oil marketing companies (OMCs) advanced in Friday’s trade amid reports that the state-run companies are planning may review fuel rates on a daily basis to align them with international prices.

If this happens, prices at petrol pumps may change every day in line with a trend mostly seen in advanced markets. So far, OMCs review fuel prices on a fortnightly basis.

Shares of BPCL climbed 1.53 per cent to Rs 655.35 on BSE. HPCL jumped 1.60 per cent to Rs 532.80. IOC advanced 2.24 per cent to Rs 394.

Indian Oil Corp, and Hindustan Petroleum, which control nearly 95 per cent of the country's fuel retail market, are considering ways to roll out the plan, a report said.

OMCs have recently announced hefty dividends to shareholders. IOC declared second interim dividend of Rs 4.50 per share or 45 per cent of equity share capital. HPCL declared interim dividend of Rs 6.40 per share. BPCL announced second special interim of Rs 12 per equity share.