Most of the state owned oil marketing companies are worried on the issue of implementation of fuel pricing mechanism due to which the stocks of companies such as Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) are down more than 3 per cent each.
According to the reports the new policy has proposed shifting the pricing of petrol and diesel from the current trade parity basis to export parity basis, which would help in excluding extra costs like freight and various taxes and duties.
Besides, the oil companies fear a loss of 18000 crore if the pricing policy is revised. On the other hand private refiners are likely to take a hit of Rs 4,200 crore in sales, said the media report.
Among the individual stocks, HPCL and BPCL have tanked 6 per cent each at Rs 286 and Rs 378 respectively, while IOC is down 5 per cent at Rs 305 on BSE.