Shares of government-run oil marketing companies (OMCs) enjoyed considerable gains in early trade on Monday, after the companies announced the fourth increase in petrol prices in six weeks.

Indian Oil Corporation, HPCL and BPCL on Sunday announced their decision to hike petrol prices by Rs 1.55 per litre, saying the falling value of rupee made imports of oil costlier.

The actual increase in petrol prices varies from city to city, depending on local taxes. The new rates took effect from Sunday midnight.

Including local taxes or value-added tax, petrol price in Delhi jumped by Rs 1.86 a litre to Rs 70.44. In Mumbai and Kolkata, the rates of the fuel jumped to Rs 77.73 and Rs 77.76 a litre, respectively.

Previously, oil marketing companies had hiked petrol prices on June 1, June 16 and June 29, by 75 paise a litre, Rs 2 a litre and Rs 1.82 a litre, respectively.

The increase in prices of the fuel is in line with the practice of revising rates according to cost every fortnight.

In response, shares of Indian Oil Corporation gained 2.2 per cent to Rs 225 apiece, while HPCL and BPCL shares jumped 1.7 per cent to Rs 237 and 1.5 per cent to Rs 348, respectively, on the Bombay Stock Exchange.