Govt not to interfere in daily pricing of petrol, diesel by oil companies

India Infoline News Service | Mumbai | September 14, 2017 09:02 IST

The government has given a clarification that it will not intervene in the daily pricing of petrol and diesel by oil companies.

Petrol Price
The government has given a clarification that it will not intervene in the daily pricing of petrol and diesel by oil companies. Earlier, on Wednesday, oil marketing company stocks were in a downward trend on the back of the buzz that Finance Ministry is unlikely to roll back the hike in fuel excise tax due to fiscal constraints faced by the government.
 
Therefore, oil marketing companies (OMC) are expected to further absorb the increase in the oil prices, reported a leading news agency. In Wednesday’s trade, BSE Oil & Gas index declined by 263 points or 1.7% to close at 15,234 level.
 
BPCL was the top loser ending at Rs 500.35 per share, down by 6.23%. Hindustan Petroleum was the second top loser, closing at Rs 457.35 per share, down by 5.06%. IOC was down by 5.06%. OIL was down by 2.29% at Rs 323.6 per share. IGL, Petronet, ONGC and GAIL also closed in the negative territory.
 
Meanwhile, Nifty ended at 10,079 level, down by 13 points, while Sensex closed at 32,186 level, up by 27 points. There were 483 advances, 952 declines and 52 unchanged stocks on NSE, reflecting fairly negative sentiments floating in the market.

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