HPCL, BPCL, IOC rise 1-2% on petrol price hike by 64p/lit

Shares of  Hindustan Petroleum Corp (HPCL),  Bharat Petroleum Corp (BPCL) and  IOC rise around 1-2 percent in early trade on Tuesday as petrol price was today hiked by 64 paise a litre. Diesel price was cut by Rs 1.35 per litre in line with trend in global oil rates. This is the third increase in petrol price since May.

However, in case of diesel, the reduction has halted two consecutive increases during last month. On June 1, companies skipped raising rates by 30-40 paise that had become necessary due to rise in international rates.

"Since last price change, there has been an increase in international prices of petrol while international prices of diesel have shown a downward trend. Indian rupee-US dollar exchange rate has depre

ciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change," IOC said in a statement.

The three hikes in petrol rates have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August. In case of diesel, the reduction has partly restored the gains taken away in May.

State-owned fuel retailers IOC, BPCL and HPCL revise petrol and diesel prices on 1 and 16 of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

At 09:26 hrs HPCL was  at Rs 700.90, up Rs 8.00, or 1.15 percent, BPCL was at Rs 838.50, up Rs 4.65, or 0.56 percent and IOC was at Rs 355.85, up Rs 2.80, or 0.79 percent on the BSE.