IOC, BPCL, HPCL share prices cut losses after IOC clears confusion over petrol, diesel rate cuts

IOC, BPCL and HPCL share prices slipped as much as 2.1 per cent to 3.3 per cent after the oil marketing companies cut petrol and diesel prices by 1 paisa per litre each. Earlier in the day, in a big mistake, IOC had announced a reduction of 60 paise per litre in petrol prices and 56 paise rupees/litre in diesel prices. Later the company clarified the reduction is by just 1 paisa.  

"The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price," a senior official of Indian Oil Corp (IOC), the nation's largest fuel retailer, explained.

IOC share price slipped 1.8 per cent to Rs 168.80, BPCL 2.2 per cent to Rs 396.40, and HPCL 3.3 per cent to Rs 305 on the BSE. OMCs cut losses marginally after revised prices were announced.

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Petrol in Delhi now costs Rs 78.42 per litre and diesel Rs 69.30.

The marginal reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.

In all, petrol price was increased by Rs 3.8 per litre and diesel by Rs 3.38 in that fortnight.

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Prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

Petrol and diesel prices in India are linked to Singapore gasoline prices and Arab Gulf diesel prices, which mostly track movements in crude oil prices. 

State-run BPCL, HPCL and IOC control most of the fuel retail market.