 "PSU OMCs gain on decline in crude oil prices")
PSU OMCs, HPCL, BPCL and IOC, have gained between nearly 0.5-1% on the BSE as crude oil prices dropped on Friday.
Crude oil futures dropped on Friday after downbeat US jobs data fuelled demand concerns and a ceasefire in Ukraine cooled geopolitical tensions. Brent October contract closed $1.01, or 1%, lower at $100.82 a barrel on Friday. US crude October contract finished $1.16, or 1.2%, lower at $93.29 a barrel on Friday.
In Asian market today, Brent October contract fell 10 cents or $100.72 a barrel while US crude October contract dipped 2 cents at $93.27 a barrel.
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Lower crude oil prices will decrease under recoveries of PSU OMCs on domestic sale of diesel, LPG and kerosene at government controlled prices. The government has adopted the policy of gradually increasing diesel prices to eliminate under recovery and deregulate the diesel prices. Also, the government has freed the pricing of petrol.