BSE Oil & Gas Index up 1% after hike in petrol price

The S&P BSE Oil & Gas index was buzzing during the morning hours on Thursday. The index was trading up by 1% as the petrol prices were hiked by 22 paise. 

Indian Oil Corporation was contributing most to the index gains and was trading up by nearly 4% at Rs 384.10 per share as at 1108 hours.
 
The S&P BSE OIL & GAS index was trading at 14,377.41 level, up by 130.60 points or 0.92%.
 
As reported by a leading business daily, the government has asked the state oil companies to increase prices by 25 paise every fortnight till the subsidy on the fuel is eliminated completely or till further orders, which would eventually result in rise of prices of subsidized kerosene.
 
Hindustan Petroleum Corporation was trading up by 3.35% at Rs 396.95 per share, Bharat Petroleum Corporation was trading up by 1.03% at Rs 490.50 per share, GAIL (India) was trading up by 0.77% at Rs 372.05 per share, and Petronet LNG was trading up by 0.23% at Rs 214.10 per share.