PSU OMCs stocks such as Indian Oil Corporation, BPCL and HPCL rallied today after the cut price of petrol and diesel by 31 paise per litre and 71 paise per litre. With this change, petrol will cost Rs. 66.62 per litre and diesel will cost Rs. 50.22 per litre in Delhi. Earlier, OMC's raised prices of petrol and diesel on Jne 15.

Commenting on the price hike, Indian Oil Corporation (IOC) said, ''Since last price change, there has been a decrease in international prices of both Petrol & Diesel. INR-USD exchange rate has appreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease.''

''The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,'' IOC said.

Indian Oil Corporation gained the most with rise of 1.98% followed by Bharat Petroleum Corporation (BPCL) 1.22% and Hindustan Petroleum Corporation (HPCL) (0.63%).