Shares of state-run oil retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum jumped after the country’s largest state-run oil retailer Indian Oil hiked prices of petrol and diesel after a pause of 18 days on Tuesday.
Indian Oil shares rose as much 1.63 per cent, Bharat Petroleum climbed 2 per cent and Hindustan Petroleum rose 3.2 per cent.
Petrol and diesel prices have been hiked up to 18 paise across the metros on Tuesday, May 4, 2021 after a pause of 18 days. In Delhi, petrol prices have been increased by 15 paise from Rs 90.40 per litre to Rs 90.55 per litre and diesel prices have been raised by 18 paise from Rs 80.73 per litre to Rs 80.91 per litre, according to the Indian Oil Corporation.
In Mumbai, the revised prices of petrol and diesel are Rs 96.95 per litre and Rs 87.98 per litre respectively, according to the state-run oil refiner. Presently, fuel prices are the highest in Mumbai among the four metro cities. Petrol and diesel prices vary across states in India due to the value-added tax.
The state-run oil marketing companies – Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum align the rates of domestic fuel with the global crude oil prices by taking into account changes in the foreign exchange rates. The new changes in fuel prices are implemented with effect from 6 am each day.