HPCL, BPCL, IOC shares gain on hike in retail petrol price
HPCL gained 2.16%, IOC advanced 1.54 per cent and BPCL surged 1.43 per cent intraday on the BSE.
By ET Online | Updated:
MUMBAI: Shares of HPCL, BPCL and IOC gained momentum in a weak market on the back of hike in petrol price and cut in diesel price.
HPCL gained 2.16%, IOC advanced 1.54 per cent and BPCL surged 1.43 per cent intraday on the BSE.
Indian Oil Corporation increased retail price of petrol by Rs 0.64/litre in Delhi and decreased retail price of diesel by Rs 1.35/litre.
Prices of petrol and diesel were last revised with effect from May 16. Since the last price change, there has been an increase in international price of petrol while that of diesel has shown a downward trend.
The Indian rupee has weakened against the US dollar. The combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change.
HPCL gained 2.16%, IOC advanced 1.54 per cent and BPCL surged 1.43 per cent intraday on the BSE.
Indian Oil Corporation increased retail price of petrol by Rs 0.64/litre in Delhi and decreased retail price of diesel by Rs 1.35/litre.
Prices of petrol and diesel were last revised with effect from May 16. Since the last price change, there has been an increase in international price of petrol while that of diesel has shown a downward trend.
The Indian rupee has weakened against the US dollar. The combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
