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This is an archive article published on September 7, 2012
BPCL,HPCL,IOC stocks reverse gains
BPCL plunged 3.37%,while HPCL and IOC were down 3.18% and 1.94% respectively.
1 min read
Shares of oil marketing firms,BPCL,HPCL and IOC today dropped by up to 3.3 per cent after Petroleum Minister S Jaipal Reddy said there are no immediate proposals to raise prices of various oil products including petrol.
After positive openings,shares of these companies pared initial gains amid heavy selling following the comment.
BPCL plunged 3.37 per cent to Rs 336.10,while HPCL was down 3.18 per cent to Rs 299.05 on the BSE. IOC slumped 1.94 per cent to Rs 242.50.
“There are no immediate proposals
to raise prices of various oil products including petrol,” Reddy said.
There are indications,however,that the government may hike petrol,diesel,cooking gas and kerosene prices simultaneously as early as next week,with Reddy saying that “difficult and painful” decisions need to be taken.
With oil firms losing a record Rs 560 crore per day on sale of regulated diesel and cooking fuels and another Rs 16 a day on petrol,the Oil Ministry is pushing for raising rates.
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