Shares of three public sector oil marketing companies rose by 1.23% to 2.26% at 12:20 IST on BSE as global crude oil prices witnessed last two sessions of losses.
Meanwhile, the S&P BSE Sensex was down 13.19 points or 0.05% at 27,726.14.
BPCL (up 1.23%), Indian Oil Corporation (IOCL) (up 2.26%) and HPCL (up 2.13%) edged higher.
Lower crude oil prices could decrease under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, crude oil prices dropped as concerns over a crude and fuel oil glut outweighed an expected cut in US shale production and a likely further draw in US crude stocks. Brent for September settlement was currently down 14 cents at $46.82 a barrel. The contract had fallen 65 cents or 1.36% to settle at $46.96 a barrel during the previous trading session.
Meanwhile, PSU OMCs in its last revision in fuel prices had cut petrol price by Rs 2.25 a litre and diesel by 42 paise a litre in Delhi (including state levies), with corresponding price revision in other states late on Friday, 15 July 2016. The prices took effect from Saturday, 16 July 2016.
Powered by Capital Market - Live News