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Oil marketing companies cut fuel prices; stocks gain

 UriahPartridge
  41
 May 31, 2024

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ET Online

Mumbai: Shares of oil marketing companies rose after they reduced retail prices of petrol and diesel following the fall in global crude oil prices.

The reduction comes less than two weeks after the government announced a price cut of Rs 3.50 during Diwali. Petrol prices have been reduced by Rs 2.40 each and diesel prices by Rs 2.25 each.

Analysts said that the marketing margins of oil marketing companies have increased, but most of the positives are reflected in the prices.

Gaura Mehta, Vice President, Institutional Equities, Ambit Capital “Sixty-nine months ago, we said to the OMC, ” This is very constructive, but after the recent rally, most of the positives have been digested.” “Also, a small risk is that the marketing of these oils could face increasing competition from the private sector because of the PSU deregulation, so in that sense I think they’re priced pretty much in the best case scenario, and the risk is unfavorable.” He added:

As of 11:00 AM, HPCL is up 1.14%, IOC is up 1.11% and BPCL is down 0.62%.

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