Shares Of OMCs Tumble 6-7% After Govt’s Likely Price Absorption Diktat

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    Shares of oil marketing companies tumbled in intra-day trade on Wednesday on a possible price hike absorption request by the government. As part of the diktat, these companies may be asked to absorb a hike of Rs.1 per litre to pass on maximum benefit to consumers.

    Shares Of OMCs Tumble 6-7% After Govt’s Likely Price Absorption Diktat

    The development came in early in the morning which was then declined by most oil companies including HPCL, IOC. In a statement IOC said, "Not got any instruction from Govt to absorb oil price hike".

    Later, HPCL also rubbished any such directive by the government and the company's Chairman and MD Surana said that as of today oil companies are free to hike prices. Also, he reiterated oil companies' demand of a better taxation regime to support its customers.

    Share prices of HPCL were down 7.62% at Rs. 337/share, IOC was down 6.27% at Rs. 168.05, BPCL was down over 7% at Rs. 419.

    The rising crude oil price which is trading over $70 per barrel today has hit the pockets of Indian consumers with petrol and diesel surging to new-highs. While petrol has crossed Rs. 80 per litre in some cities, diesel has touched a price of Rs. 70 per litre.

    Story first published: Wednesday, April 11, 2018, 15:21 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more