Continuing their rally, shares of Hindustan Petroleum Corporation Ltd zoomed 8.93 per cent to settle at Rs 596.75 and Indian Oil Corporation gained 4.42 per cent to Rs 364.70 on the BSE.
Similarly, shares of Bharat Petroleum Corporation Ltd jumped 3.58 per cent to Rs 745.85 apiece.
"Sentiments were buoyed by OPEC's decision to sustain production levels and the subsequent sharp fall in crude prices," said Dipen Shah, Head of Private Client Group Research, Kotak Securities.
Brent crude oil contracts for January settlement were trading around USD 72/barrel, the lowest level since August 2010. Falling oil price is good news for India, which imports 80 per cent of its requirements. This will also help the country narrow its Current Account Deficit.