Shares of three state-run oil retailers rose by 0.85% to 1.10% at 10:35 IST on BSE after crude oil prices edged lower in Asian trade today, 29 October 2013.
BPCL (up 1.10%), HPCL (up 1.10%) and Indian Oil Corporation (up 0.85%), edged higher.
The BSE Sensex was down 33.52 points, or 0.16% at 20,536.76.
New York's main contract, West Texas Intermediate (WTI) crude for delivery in December, was down 22 cents, or 0.22% at $98.46 in mid-morning trade, while Brent North Sea crude for December shed 42 cents, or 0.38% to $109.19.
Public sector oil marketing companies (PSU OMCs) suffer under recoveries on domestic sale of diesel, LPG and kerosene at controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals while completely deregulating diesel prices sold to institutional or bulk buyers. The government has already freed pricing of petrol.
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