ONGC, OMCs gain on reports of diesel price hike

Shares in India's largest exploration company ONGC, and other oil marketing companies (OMCs) like BPCL, HPCL and Oil India rose on hopes of a hike in diesel price.

Shares in ONGC rose as much as 2.72 per cent, while BPCL gained 1 per cent, HPCL jumped 1.11 per cent and Oil india was trading with gains of 2 per cent.

The government is likely to consider a hike in diesel prices today, which would help oil and gas companies offset the partial under recoveries that they are facing in diesel.

The government last raised the prices of diesel by Rs 5 in September and another Rs 3-4 is on the cards.

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