Shares of oil marketing companies (OMCs) were trading higher in otherwise weak market after these companies raised petrol and diesel prices with effect from midnight of 16th / 17th December 2016.
“The current level of international product prices of petrol & diesel and INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” Indian Oil Corporation said in a release.
The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.
Indian Oil Corporation (IOC), Hindustan Petoleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) were up between 2% and 3% on the BSE as compared to 0.30% decline in the benchmark S&P BSE Sensex at 10:34 am.
The S&P BSE Oil & Gas index, the largest gainer among sectoral indices, was up 1.5% or 175 points at 12,071.
Petronet LNG, Gail (India), Oil India, Castrol India, Reliance Industries, Oil & Natural Gas Corporation (ONGC) and Indraprastha Gas are other stocks from the BSE oil & gas index were trading higher by up to 3% on the BSE.