India’s oil marketing companies raised petrol and diesel prices yet again. While petrol price is hiked by Rs 0.42/litre and diesel is by Rs 1.03/litre in line with rising global crude oil prices in trailing few weeks, sending shares higher on Monday amid flat broader markets.
Indian Oil Corp, the country’s largest oil marketer, was trading at Rs 335.3, up 1.36% from the previous close. Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd were also trading higher at Rs 490.7 (up 0.57%) and Rs 658.45 (0.12%) in the morning trade.
“The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant increase in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision,” Indian Oil said in a statement.
This is the fourth straight increase in prices of petrol and third straight increase in prices of diesel India since November-December, when global crude oil prices started rising on the talk of world’s major oil producers contemplating a cut in output.
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