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Shares of oil marketing firms jump

July 8, 2010

Oil marketing firms posted decent gains on Thursday, with BPCL’s 5.6 percent rise vaulting it to the top of the gainers list in the BSE Oil & Gas Index.

Other firms like IOC, the country’s biggest oil retailer, rose 2.2 percent, while HPCL and Essar Oil ended 3.5 percent and 2.6 percent higher respectively.

The Oil & Gas Index closed 1 percent higher.

IOC does not want fuel prices to be revised too often, its chairman B.M. Bansal said on Thursday.

State-run refiners hope to work out rules for setting market-driven prices of fuel across the country by mid-July, two sources directly involved in the process had said on Wednesday.

Private-sector oil firms, according to one of sources, were expected to meet on Friday.

Does the rally in oil marketing counters after the price deregulation move make them attractive buys?

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