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Our Bureau

Mumbai, Jan. 3 With the Government planning of hiking the petrol and diesel prices by February, oil stocks were up 1.58 per cent on Thursday.

The sector touched its 52-week high of 13,730.86 points on Thursday.

The Oil & Gas index was one of the best performing sectors of the day, with 10 stocks advancing and just one stock declining.

The top performers in the sector included BPCL, which was up by 4.95 per cent and touched its 52-week high of Rs 548.70, Cairn India Ltd was up by 4.75 per cent, and HPCL was up by 6.75 per cent.

HPCL was also among the top gainers in the markets on Thursday and the scrip touched its 52-week high of Rs 402.50.

It was announced that the Government is looking at increasing the prices by Rs 4 a litre for petrol in order to moderate the impact of high international crude oil prices on State-run oil firms.

“If that happens, the refinery stocks could benefit, as it could help their bottomlines,” said Mr R. Balagopal, Senior Vice-President, Fedex Securities.

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