Oil stocks fall after petrol price cut

Tags: Companies
Shares of oil marketing companies -- HPCL, BPCL and Indian Oil Corp-- fell today by up to 3.5 per cent after the price of petrol was cut by 70 paise a litre.

Shares of Hindustan Petroleum Corporation Ltd (HPCL) tanked 3.53 per cent to settle at Rs 302.30 on the BSE.

Indian Oil Corp dropped by 2.19 per cent to Rs 261, while Bharat Petroleum Corporation Ltd was down 2.13 per cent to Rs 435.25.

The price of petrol was yesterday cut by 70 paise a litre, excluding local levies, the second reduction in rates this month as appreciation of the rupee against the US dollar made oil imports cheaper.

The reduction excludes local sales tax or VAT and the actual cut will be higher, varying from city to city.

Announcing the rate cut, Indian Oil Corp, the nation's largest fuel retailer, had said, "The continued appreciation of the rupee has resulted in reduction in petrol prices."

The government freed petrol prices from its control in June 2010 and since then state-owned oil firms have been revising rates on the 1st and 16th of every month based on the fortnightly average of international oil prices and the rupee-US dollar exchange rate.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sex education in schools can help bring do​wn juvenile crime

    Whatever the health minister’s views on banning “vulgar” sex education in schools, given the backdrop of the Bangalore child rape, and the count

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Why cleanliness is a vital human right

I have spent the past few months in India witnessing ...

Parvez Imam

Tourism agenda with a colonial undertone

Tourism is supposed to bring in foreign exchange and provide ...

Dharmendra Khandal

Let the tiger breathe in its natural home

The world has been observing July 29 as International Tiger ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture