OMCs may cut petrol, diesel price in November; stocks gain

MUMBAI: Shares of oil marketing companies moved higher in trade even as reports stated these companies may announce petrol and diesel price cuts later in the month.

Petrol price will be cut for the seventh time since June and diesel for the third time since the fuel was decontrolled on October 18.

Indian consumers gain from the sharp fall in global oil prices before polls in Jharkhand and Jammu & Kashmir.

The international crude oil price of Indian basket slipped to $ 80.92 per barrel (bbl) on November 04, 2014. This is lower than the price of $ 83.80 per bbl on October, 31 2014.

In rupee terms, the price of Indian Basket decreased to Rs 4,969.30 per bbl on November 04, 2014 as compared to Rs 5,146.16 per bbl on October, 31 2014.

The OMCs are likely to reduce pump price of petrol and diesel by about Rs 1 per litre by the end of this week.

For consumers, the two fuels are already 10-13 per cent cheaper than their peak earlier in the year.

At 09:25 a.m.; HPCL was at 1.16 per cent higher, IOC gained 0.58 per cent and BPCL moved up 0.51 per cent.