India's OMCs gain after report on proposed fuel reserve levies
BUZZ-India's OMCs gain after report on proposed fuel reserve levies ** Shares of India's oil marketing companies Indian Oil Corp IOC.NS, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS close 1.69%, 0.69% and 0.88% higher, respectively
** Reuters reported citing sources that India may levy charges on cooking and natural gas users to fund planned $42 billion strategic fuel reserve
** Proposed LPG and natural gas levies could raise about $1.5 billion annually to build strategic fuel reserves- two sources
** State-run gas distributor GAIL GAIL.NS reversed course to end 1.12% higher, while Engineers India ENGI.NS extended gains to end up 6.81%
** However, shares of Oil India IOC.NS and ONGC ONGC.NS buck the trend, ending down 1.33% and 0.74%, respectively
** Ministry of Petroleum and Ministry of Finance did not respond to Reuters' requests for comment
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
Recent news on Hindustan Petroleum
See all newsIndia's oil marketing cos, paintmakers and tyremakers jump after oil prices plunge
Asia Fuel Oil Tenders Summary-India's MRPL offers fuel oil for November
Indian oil marketing cos gain on sharp fall in oil prices
Asia Fuel Oil Tenders Summary-India's HPCL offers more HSFO for Nov
HPCL Vizag refinery fire brought under control, no loss of life or injury