INSUBCONTINENT EXCLUSIVE:
Oil marketing companies such as Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL)
dropped after reports that the government has asked the OMCs to absorb Rs 1 per litre price hike.
Stock of HPCL declined as much as 5.55 per
and lower budgetary allocation for petroleum subsidy had already hit OMCs in the recent past
Their shares have fallen 6-16 per cent during the last six months.
Petrol sells in Delhi at Rs 73.98 per litre whereas it costs Rs 76.69, Rs
81.83 an Rs 76.75 in Kolkata, Mumbai and Chennai, respectively
The fuel was available at Rs 68.48, Rs 71.26, Rs 75.59 and Rs 70.96 in Delhi, Kolkata, Mumbai and Chennai, respectively, six months ago
Diesel costs Rs 64.96 in Delhi on April 11 as against Rs 58.37 six months earlier.
