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Oil Marketing Companies Rally as Petrol, Diesel Prices Start Rising After Elections

Shares of HPCL jumped as much as 6.3% in intraday trade on Friday, while those of BPCL and IOC rose 3.8% and 3.7%, respectively.

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Updated:May 24, 2019, 4:04 PM IST
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Oil Marketing Companies Rally as Petrol, Diesel Prices Start Rising After Elections
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Shares of oil marketing companies (OMCs) rose 3-6% on Friday after Hindustan Petroleum Corp. Ltd (HPCL), Bharat Petroleum Corp. Ltd (BPCL) and Indian Oil Corp. Ltd (IOC) hiked petrol and diesel prices marginally across the country amid falling crude prices globally.

Shares of HPCL jumped as much as 6.3% in intraday trade on Friday, while those of BPCL and IOC rose 3.8% and 3.7%, respectively.

According to the IOC data, petrol prices were raised by 14 paise a litre to Rs 71.39 in Delhi, while diesel price was revised by 16 paise to Rs 66.45 per litre on Friday.

Earlier on Thursday, petrol price was revised to Rs 71.25 and the diesel price was hiked to Rs 66.29, the data showed.

Meanwhile, crude oil prices dropped by around 1% on Thursday, extending falls from the previous session. Though oil prices were trading slightly higher on Friday, but were on track for their biggest weekly loss this year (down around 5%) after swelling inventories and jitters over an economic slowdown led to big falls earlier in the week.

According to industry experts, OMCs may hike the retail price of petrol and diesel by Rs 3-5 per litre in phases as elections are now over in India, a media report said. The oil companies sold petrol and diesel at almost Rs 5 per litre and at Rs 3 per litre discount in March and April when average crude oil price in India hit a high of about $67 per barrel and $71 per barrel, respectively, the report added.

State-run oil marketing companies revise fuel prices with effect from 6 am on a daily basis. As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee. This is because a large proportion of country's requirement is met through imports.

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