impact of oil prices hike

The United Progrssive Allaiance(UPA) government on thursday increased the prices of petrol by Rs 2 and diesel by Re 1.The revision will came into effect from yesterday(Thursday) midnight.Eventhough they are getting strong opposition from the supporting left parties.But according my prespective government movement is correct,the reason for this hike in oil prices is due to international crude prices,crude oil prices went upto $100/barrel. But at the same time the government can reduce the taxes on petrol &diesel,sothat there maybe an chance to reduce the oil prices by 5opaisa t0 Re 1.


Due to this petrol and diesel price hike oil major like IOC,BPCL,HPCL and other related oil and gas co's Reliance petrol,Essar oil,RNRL stocks went up by around 10%.major contributors(IOC,BPCL,HPCL) will get Rs 500 to 800 crore. so oil sectors having good substantial growth in future also, one can invest in oil sectors in long term prespective.

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