Hike in fuel prices buzz pushes oil PSUs 3% up on BSE

Hike in fuel prices buzz pushes oil PSUs 3% up on BSE

Mumbai: State-owned oil companies stocks today surged by as much as 3% in the early trade at Bombay Stock Exchange (BSE), on speculations of a rise in petrol prices next week.

Indian Oil, Hindustan Petroleum and Bharat Petroleum scrips climbed on reports that petrol prices may go up by Rs1.50-Rs 2 per litre early next week.

The news brought some cheer to the investors, following which the scrip of IOC zoomed by 2.73% to touch an early high of Rs381.90 on the BSE.

Similarly, the scrip of HPCL and BPCL went up, with the former jumping 2.64% to a high of Rs420.80, while the latter climbed 3% to an early peak of Rs697.50.

The last time these companies had raised petrol prices was on 9 November. At present, IOC, BPCL and HPCL lose Rs75 crore in revenues on selling diesel below its imported cost.

Buoyed by the gains, the BSE oil & gas index was trading 54.65 points or 0.52% up at 10,518.92 level. Besides, the BSE sensitive index Sensex was trading 145.17 points down at 19,551.31 at 1210 hours.