Fuel Oil Prices Rise WTO PSU

Indian Oil Corporation (IOC) (up 1.83% to SR 322), Bharat Petroleum Corporation (BPCL) (up 1.48% to Rs 683.20) and Hindustan Petroleum Corporation (HPCL) (up 0.87% to Rs 380.55) edged higher. Meanwhile, the BSE Sensex up 156.59 points, or 0.93% 17,033.13 State of the oil marketing companies (WTO PSU) raised gasoline prices in R from 3.14 to 3.32 rupees per liter from midnight Thursday to pass on the impact of a depreciation of the rupee which is higher costs of imports. This is the ninth increase since the prices of gasoline were released in June 2010. Meanwhile, aviation turbine fuel (ATF) prices also rose 2.5%, in line with the strength of world oil prices. Against an average of Rs 44.42 in July and August of Rs 45.32 against the dollar, the rupee has an average of 46.68 rupees so far in September and decided to Rs 47.56 on Thursday. The recent increase in gasoline prices will improve the financial management of the PSU OMC, which sells diesel and cooking at prices controlled by the government.


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