The oil marketing companies are rising higher as the hopes Govt plans to bring free pump prices of petrol and diesel. The oil retailers HPCL,IOC, and BPCL are suffering losses on sale of auto fuel and cooking gas as these items are sold by them at the prices that is fixed by the Govt. BPCL share was 10% up at Rs 445. HPCL and IOC was at 15% up at 323 and 529 respectively, in the volatile market too. The new govt is expected to make reforms on the fast track. The reforms in the oil sector is one of the priorities of the new govt. The govt loosing the control on the oil marketing companies would make the companies capable for fixing the prices of the petrol and diesel.
The govt plans to work out with the prices with a ceiling for example as long as the oil prices does not cross $75-80 per barrel there would be free pricing method that is the recommendations of the BK Chaturvedi Comittee. . The ceiling would be fixed and then would be decided on that term.
What is your views and suggestions on this topic, this would surely effect the life of the common man? what do you feel is it a good move from the govt? Have your say voice out your opinion?
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