Indian Oil Corporation (IOC) (up 1.16%), BPCL (up 0.85%) and HPCL (up 0.17%), edged higher.

The BSE Sensex was up 54.06 points or 0.32% at 16,913.86.

IOC is up 5.25% in three consecutive sessions from a recent low of Rs 239.95 on 15 June 2012. IOC had underperformed the market over the past one month until 19 June 2012, falling 8.48% compared with the Sensex's 4.38% rise. The scrip had also underperformed the market in past one quarter, falling 7.10% as against 2.39% fall in the Sensex.

BPCL is up 2.65% in two consecutive sessions from a recent low of Rs 737.55 on 18 June 2012. BPCL had underperformed the market over the past one month until 19 June 2012, gaining 3.66% compared with the Sensex's 4.38% rise. The scrip had, however, outperformed the market in past one quarter, rising 12.89% as against 2.39% fall in the Sensex.

HPCL is up 7.04% in three consecutive sessions from a recent low of Rs 299.75 on 15 June 2012. HPCL had outperformed the market over the past one month until 19 June 2012, gaining 4.55% compared with the Sensex's 4.38% rise. The scrip had also outperformed the market in past one quarter, rising 10.46% as against 2.39% fall in the Sensex.

Media reports suggest that the government will raise prices of diesel and cooking gas shortly as part of broader policy measures that the government is planning to unveil to attract capital inflows and boost investor confidence. These measures are reportedly aimed at averting a possible sovereign downgrade to junk status by rating agencies and reviving faltering growth.

The three public sector oil marketing companies (PSU OMCs) -- BPCL, HPCL and IOC -- suffer revenue loss on domestic sale of diesel, LPG (cooking gas) and kerosene at a controlled price. The government decontrolled pricing of petrol in 2010.