Shares of ONGC, OMCs gain on crude price rally, hike in fuel rates, LPG cylinders

Stocks

The domestic liquified petroleum gas (LPG) cylinder prices have been hiked by over Rs 50 in Delhi, Mumbai and other cities from March 22, 2022.

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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Oil and gas producer Oil and Natural Gas Corporation (ONGC) share price rose 5 percent in early trade on March 22 on the back of rising crude oil prices in the international markets.

Crude oil prices surged for the fourth day today, heading for the best run in a month, on signs that the European Union might be edging closer to a ban on Russian crude imports as part of sanctions on Moscow for its invasion of Ukraine, reported Reuters.

West Texas Intermediate rallied towards $ 115 a barrel after surging 18 percent over the previous three days.

Crude has soared since Moscow launched its assault on neighbouring country as buyers shunned Russian cargoes, and the US and UK moved to prohibit purchases. The EU is the largest consumer of crude and fuel from Russia, and the Kremlin warned any ban would have a profound effect on the market and hit the continent hardest, it added.

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On the other hand, oil marketing companies (OMCs) including Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC), gained 1-3 percent after the government increased petrol and diesel prices by over 80 paise after a status quo on rates for 137 days.

Also Read – Petrol, diesel prices raised by 80 paise a litre, first hike in 137 days

After petrol and diesel, the domestic liquified petroleum gas (LPG) cylinder prices have been hiked by over Rs 50 in Delhi, Mumbai and other cities from March 22, 2022.

According to the revised rates, the cost of a 14.2-kg non-subsidised LPG cylinder has been increased by Rs 50 to Rs 949.50 per cylinder, reported CNBC TV-18.

Also Read – LPG cylinder rates hiked by Rs 50 in Delhi, Mumbai, and other cities

The price of 14.2-kg LPG cylinder has been increased for the first time since October 2021. The cost of a 19-kg LPG cylinder’s price is slashed by Rs 58 to Rs 1954.50 per cylinder In Delhi, according to CNBC TV-18.

At 9:45am, Indian Oil Corporation was quoting at Rs 120, up Rs 2, or 1.69 percent, Hindustan Petroleum Corporation was quoting at Rs 282.60, up Rs 6.50, or 2.35 percent, and Bharat Petroleum Corporation was quoting at Rs 361.10, up Rs 3.55, or 0.99 percent, on the BSE.

Oil and Natural Gas Corporation was quoting at Rs 179.40, up Rs 6.80, or 3.94 percent, on the BSE.