Shares of three public sector oil marketing companies fell 1.26% to 1.88% at 14:44 IST on BSE on higher crude oil prices.
Indian Oil Corporation (down 1.26% at Rs 398.15), BPCL (down 1.37% at Rs 863.45) and HPCL (down 1.88% at Rs 791.90) declined.
Meanwhile, the S&P BSE Sensex was up 54.31 points or 0.2% at 26,987.19.
Global crude oil prices rose on hopes for falling supply in both the United States and global markets. In the global commodities markets, Brent for November settlement was currently up 77 cents at $52.69 a barrel. The contract had surged $2.67 a barrel or 5.42% to settle at $51.92 a barrel during the previous trading session.
Higher crude oil prices could increase under-recovery of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at government controlled prices. The government has already freed pricing of petrol and diesel.
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