Bharat Petroleum Corporation (BPCL) gained as much as 8.3 percent to touch a record high of Rs 624.40 while Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) rallied 6.5 percent and 5 percent, respectively.
Shares of oil marketing companies are seeing hefty buying interest on Thursday after finance ministry's unnamed sources told CNBC-TV18 that the ministry will consult prime minister's office (PMO) and finance ministry on hiking LPG and kerosene prices. Bharat Petroleum Corporation (BPCL) gained as much as 8.3 percent to touch a record high of Rs 624.40 per share while Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) rallied 6.5 percent and 5 percent, respectively. State-run Oil and Natural Gas Corporation (ONGC), which shares maximum subsidy burden, also touched life-time high of Rs 428.20 per share, up 4 percent on hopes of some relief in subsidy sharing. It is learnt that oil ministry will consult PMO and finance ministry on one-time LPG price hike and also extinguishing LPG loss. Currently, the under-recovery of PSU oil companies on kerosene stands at Rs 32.87 per litre and LPG at Rs 432.71 per cylinder. Sources say PMO and finance ministry want more market-aligned prices and better targetted subsidies. Oil ministry expects FY15 under-recovery bill at Rs 98,000 crore without price revision and also expects under-recoveries to fall by Rs 42,000 crore year-on-year, sources add. Oil ministry sources further say the Government of India is committed to extinguishing diesel under-recovery and is hopeful for extinguishing diesel under-recovery via monthly hikes. At 14:39 hours IST, IOC was quoting at Rs 369.60, up 4.66 percent and HPCL was up 5.75 percent at Rs 449.45 while BPCL rose 8.02 percent to Rs 623 and ONGC was up 3.69 percent at Rs 424.10 on the BSE. RELATED NEWS Bull market may last for 5 years; harvest PSUs: Nirmal Jain Nifty may sniff 8000 pre-Budget, then sell off: Geosphere
Shares of oil marketing companies are seeing hefty buying interest on Thursday after finance ministry's unnamed sources told CNBC-TV18 that the ministry will consult prime minister's office (PMO) and finance ministry on hiking LPG and kerosene prices. Bharat Petroleum Corporation (BPCL) gained as much as 8.3 percent to touch a record high of Rs 624.40 per share while Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) rallied 6.5 percent and 5 percent, respectively. State-run Oil and Natural Gas Corporation (ONGC), which shares maximum subsidy burden, also touched life-time high of Rs 428.20 per share, up 4 percent on hopes of some relief in subsidy sharing. It is learnt that oil ministry will consult PMO and finance ministry on one-time LPG price hike and also extinguishing LPG loss. Currently, the under-recovery of PSU oil companies on kerosene stands at Rs 32.87 per litre and LPG at Rs 432.71 per cylinder. Sources say PMO and finance ministry want more market-aligned prices and better targetted subsidies. Oil ministry expects FY15 under-recovery bill at Rs 98,000 crore without price revision and also expects under-recoveries to fall by Rs 42,000 crore year-on-year, sources add. Oil ministry sources further say the Government of India is committed to extinguishing diesel under-recovery and is hopeful for extinguishing diesel under-recovery via monthly hikes. At 14:39 hours IST, IOC was quoting at Rs 369.60, up 4.66 percent and HPCL was up 5.75 percent at Rs 449.45 while BPCL rose 8.02 percent to Rs 623 and ONGC was up 3.69 percent at Rs 424.10 on the BSE. RELATED NEWS Bull market may last for 5 years; harvest PSUs: Nirmal Jain Nifty may sniff 8000 pre-Budget, then sell off: Geosphere
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