State-run oil marketing companies (OMCs) are likely to cut fuel prices soon, as the government expects them to start passing on the benefit of lower crude oil prices to the customers.
Shares of Hindustan Petroleum Corp (HPCL) fell 4.01% on Thursday, while Bharat Petroleum Corp (BPCL) and Indian Oil Corp (IOCL) closed 1.99% and 0.87% below the previous closes.
The refiners had reported losses in the first two quarters of last fiscal, subdued net profits in the third quarter, and sharp increase in profits in the fourth quarter ending March 2023.
