BPCL, HPCL, IOC shares surge on lower-than-expected cut in diesel prices, short coverings
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Shares of domestic oil marketing companies surged over 3 per cent on Wednesday on account of lower-than-expected cut in petrol and diesel prices.
At 10.14 am, shares of Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) were trading 2.55 per cent, 3.21 per cent and 2.82 per cent up at Rs 911, Rs 431 and Rs 833.45, respectively.
Petrol and diesel prices on Tuesday were cut by 50 paise and 46 paise a litre, respectively, which are much lower than an anticipated decrease as oil companies left cushion for the government to mop up gains accruing from global oil prices dipping to multi-year lows.
According to Reuters, traders were expecting a cut of Rs 3-4 per litre also some short coverings were also seen in oil refiners in Wednesday’s trade.
Industry officials said the net impact of falling crude oil prices and rupee depreciation should have warranted a reduction of at least Rs 2 per litre but the oil companies have kept some cushion on cues that government may like to raise excise duty on the two fuels to mop up its revenues as it has done five times in last one year.
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.
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