PSU OMCs trade lower with no one time hike in diesel

01 Oct 2013 Evaluate

Shares of public sector oil marketing companies (OMCs) declined after petrol price was reduced by Rs 3.05 per litre, while there was no one time hike in diesel.

Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 322.75, down by 7.45 points or 2.26% from its previous closing of Rs. 330.20 on the BSE. The scrip opened at Rs. 330.70 and has touched a high and low of Rs. 330.70 and Rs. 320.25 respectively. So far 79301 shares were traded on the counter.

Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 190.75, down by 0.90 points or 0.47% from its previous closing of Rs. 191.65 on the BSE. The scrip opened at Rs. 191.70 and has touched a high and low of Rs. 192.20 and Rs. 187.65 respectively. So far 79435 shares were traded on the counter.

Indian Oil Corporation (IOC) is currently trading at Rs. 205.55, down by 2.50 points or 1.20% from its previous closing of Rs. 208.05 on the BSE. The scrip opened at Rs. 208.00 and has touched a high and low of Rs. 209.00 and Rs. 200.50 respectively. So far 39857 shares were traded on the counter.

Giving some respite to the consumers, the state-run fuel retailers on Monday slashed petrol price by over Rs 3 a litre and raised diesel rate by 50 paise a litre, excluding state taxes. The retailers also increased the price of non-subsidized cooking gas cylinders sold to households beyond the annual quota of nine subsidized refills by Rs 71.50 each cylinder.

For petrol, this is the steepest cut in more than five years as the actual reduction at petrol pumps would be more due to the incremental decrease in taxes, also it is the first reduction since May 1 when the price was slashed by Rs 3 a litre. Last week, Oil minister M Veerappa Moily, had hinted at the cut in petrol prices, saying any gains in the rupee's exchange rate and lower oil prices would be passed on to customers since petrol was sold as per market price.

However diesel price, which is subsidized by the government, was raised in line with a January decision for monthly hikes in small doses to wipe out subsidy. Monday's hike in diesel price is the ninth since January 17, making a cumulative hike of Rs 5.39 this year.

The oil companies have freedom to revise non-quota cooking gas price, so they raised rates of non-subsidised domestic cooking gas (LPG) that households buy after exhausting their quota of 9 subsidised or cheaper cylinder.

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