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OMC’s lose steam on likelihood of another rate cut in petrol prices

14 Jun 2012 Evaluate

Oil marketing companies (OMCs) have began to lose steam on the reports stating the likelihood of another petrol price cut, after prices of crude oil have slipped below $95.75 a barrel- the lowest in more than a year.

However, the Competition Commission of India (CCI) also has question the coordinated pricing strategy of state-owned OMCs. The CCI considers that the three state-owned OMCs - Indian Oil Corporation (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) - should not only revise petrol prices in tandem but also on the same day.

Bharat Petroleum Corporation is currently trading at Rs 724.05, down by 5.65 points or 0.77% from its previous closing of Rs 729.70 on the BSE. The scrip opened at Rs. 733.00 and has touched a high and low of Rs. 733.00 and Rs. 724.05 respectively. So far 4999 shares were traded on the counter.

Indian Oil Corporation is currently trading at Rs 244.95, down by 0.50 points or 0.20% from its previous closing of Rs 245.45 on the BSE. The scrip opened at Rs 245.00 and has touched a high and low of Rs 246.80 and Rs 244.50 respectively. So far 15510 shares were traded on the counter.

However, Hindustan Petroleum Corporation (HPCL) was trading at Rs 302.35, up by 0.30 points or 0.10% from its previous closing of Rs 302.05 on the BSE. The scrip opened at Rs 301.65 and has touched a high and low of Rs 304.50 and Rs 301.65 respectively. So far 6203 shares were traded on the counter.

After facing after public furore, state-run oil refiners on June 2, 2012 agreed to a partially rollback last month's petrol price increase by Rs 2.02. Last month, the companies raised petrol prices by 6.28 rupees a litre, excluding taxes. That translated into 7.54 rupees a litre increase after local taxes in Delhi.

BPCL Share Price

312.05 4.05 (1.31%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
Reliance Industries 1365.10
Indian Oil Corp. 145.85
BPCL 312.05
HPCL 370.95
MRPL 183.20
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