Oil stocks tank on fuel price hike delay

Yesterday,a panel of ministers deferred a decision on raising fuel prices due to a lack of quorum,even though it appeared there was consensus on freeing petrol prices from government control and a hike of up to Rs 2 a litre in diesel rates.

The BSE Oil&Gas Index fell by 163.97 points,or 0.98 per cent to 16,617.10 points.

Other oil stocks which closed in the negative are RIL down 1.28 per cent,IOC down 1.76 per cent,and BPCL 3.29 per cent.

Meanwhile,the 30-share index Sensex closed at 16,617.10 points,down 0.98 per cent from the previous close,on negative European cues.

An empowered group of ministers headed by finance minister Pranab Mukherjee could not arrive at a decision in the absence of four key ministers including railway minister Mamata Banerjee and agriculture minister Sharad Pawar,a source privy to the deliberations at the EGOM said yesterday.