State-owned oil companies stocks on Thursday surged by as much as 3% in the early trade at Bombay Stock Exchange, on speculations of a rise in petrol prices next week.
Indian Oil, Hindustan Petroleum and Bharat Petroleum scrips climbed on reports that petrol prices may go up by Rs 1.50-Rs 2 per litre early next week.
The news brought some cheer to the investors, following which the scrip of IOC zoomed by 2.73% to touch an early high of Rs 381.90 on the BSE.
Similarly, the scrip of HPCL and BPCL went up, with the former jumping 2.64% to a high of Rs 420.80, while the latter climbed 3% to an early peak of Rs 697.50.
The last time these companies had raised petrol prices was on November 9. At present, IOC, BPCL and HPCL lose Rs 75 crore in revenues on selling diesel below its imported cost.
Buoyed by the gains, the BSE oil & gas index was trading 54.65 points or 0.52% up at 10,518.92 level. Besides, the BSE sensitive index Sensex was trading 145.17 points down at 19,551.31 at 1210 hours.