Oil India top BSE gainer

Oil India is doing very well today. The stock is up over 4% at Rs.509, with an intra day high at Rs.549.70. Volumes are good at over 14,000 shares changing hands in the morning trades.

The stock, along with other PSU oil marketing companies (OMCs) is up on the back of a 45 paise hike in diesel prices. This is the third price hike in 2013, with one in Jan and another on 16^th Feb. The OMCs have hiked prices even as international price of crude fell by over $5/barrel on 16^th March  and companies has slashed petrol prices by Rs.2.40/litre. Oil India and the rest of OMCs say that despite these price hikes, they continue to incur losses on sale of fuel.