Oil Marketing Companies (OMCs) surged on Friday after oil minister M Veerappa Moily said that diesel prices will be hiked by 40-50 paise per litre every month till losses on the nation's most used fuel are completly wiped out.

''Until further orders, oil marketing companies can increase its diesel prices by 40-50 paise per litre for every month,' Moily said.

Indian Oil Corporation (IOC) increased 3.12% at Rs 337.50 a share after registered a high of Rs 338.50.

Hindustan Petroleum Corporation (HPCL) gained 2.61% at Rs 337.50 a share after reported a high of Rs 341.10.

Bharat Petroleum Corporation (BPCL) shined 3.29% at Rs 424 a share after witnessing a high of Rs 425.60.