Oil companies' shares fall by over 3% on petrol, diesel price cut
The cut in petrol and diesel prices on Monday was the third reduction in rates during August on fall in global oil rates.
Share prices of oil marketing companies - HPCL, BPCL and Indian Oil - fell by up to over 3% on Tuesday as petrol rate was cut by Rs 2 per litre and diesel by Rs 0.50.
The scrip of Hindustan Petroleum Corporation Ltd declined by 3.35% to settle at Rs 815.40, while Bharat Petroleum Corporation Ltd slipped 2.42% to Rs 862.15 on BSE.
Shares of Indian Oil Corporation lost 2.28% to Rs 405.20.
The cut in petrol and diesel prices on Monday was the third reduction in rates during August on fall in global oil rates.
Further, ATF (jet fuel) price was cut by a steep 11.7% on Tuesday, while non-subsidised domestic LPG rates were reduced by Rs 25.5 per cylinder.
Oil firms had last cut petrol price by Rs 1.27 a litre and diesel by Rs 1.17 per litre with effect from August 15.
Prior to that, rates of petrol were cut on August 1 by Rs 2.43 a litre and that of diesel by Rs 3.60.
"The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC had said.