Shares of oil marketing companies like HPCL , BPCL and IOC rallied 3-4 percent intraday on Monday after government increased fuel prices last week. Petrol price was hiked by Rs 3.13 a litre and diesel by Rs 2.71 per litre, the second straight steep increase in rates this month. BPCL was at Rs 782.05, up Rs 16.35, or 2.14 percent, HPCL was at Rs 624.80, up Rs 22.00, or 3.65 percent and IOC was at Rs 342.50, up Rs 6.40, or 1.90 percent on the BSE. With inputs from PTI
State-owned fuel retailers IOC, BPCL and HPCL revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight. Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in 6 cuts between October and February.