HPCL, BPCL, IOC gain on hike in fuel price

MUMBAI: Shares of fuel retailers HPCL, BPCL and IOC surged up to 4 per cent today after petrol price was hiked over the weekend.

Hindustan Petroleum Corporation (HPCL) stock surged 3.93 per cent to close at Rs 626.50 on the BSE.

Shares of Bharat Petroleum Corporation (BPCL) rose by 3.31 per cent to Rs 791.05, while Indian Oil Corporation (IOC) gained 2.65 per cent to Rs 345.

On Friday, petrol price was hiked by Rs 3.13 a litre and diesel by Rs 2.71 per litre, the second straight steep increase in rates this month.

The hike came on the back of Rs 3.96 per litre increase in petrol and Rs 2.37 a litre raise in diesel from May 1.

State-owned fuel retailers IOC, BPCL and HPCL 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.

Meanwhile, in the stock market the BSE benchmark Sensex ended at 27,687.30, up 363.30 points.