BPCL (up 4.31% to Rs 390.50), HPCL (up 3.73% to Rs 308.45), and Indian Oil Corporation (up 3.13% to Rs 299.85) edged higher.
The S&P Sensex was down 42.20 points or 0.23% to 18,200.36.
BPCL had outperformed the market over the past one month till 12 April 2013, sliding 5.78% compared with the Sensex's 6.76% fall. The scrip had also outperformed the market in past one quarter, rising 0.85% as against Sensex's 7.23% fall.
HPCL had outperformed the market over the past one month till 12 April 2013, sliding 2.57% compared with the Sensex's 6.76% fall. The scrip had, however, underperformed the market in past one quarter, declining 8.76% as against Sensex's 7.23% fall.
Indian Oil Corporation (IOC) had outperformed the market over the past one month till 12 April 2013, sliding 6.36% compared with the Sensex's 6.76% fall. The scrip had also outperformed the market in past one quarter, rising 2.34% as against Sensex's 7.23% fall.
US crude oil futures for May 2013 delivery were down $2.55 a barrel at $88.74 a barrel in the electronic trading today, 15 April 2013. The contract had tumbled $2.22 a barrel or 2.37% to settle at $91.29 a barrel on the New York Mercantile Exchange on Friday, 12 April 2013.
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Lower crude oil price will reduce under-recovery of PSU OMCs on domestic sales of diesel, LPG and kerosene at government 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.
PSU OMCs had reduced the price of petrol by 85 paise per litre (excluding VAT) on 2 April 2013. The government deregulated petrol prices in June 2010. However, PSU OMCs suffer under recoveries on domestic sale of diesel, LPG and kerosene at controlled prices.
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