Shares of three public sector oil marketing companies rose by 1.4% to 4.6% at 12:45 IST on BSE as global crude oil prices slumped on Friday, 24 June 2016.
Meanwhile, the S&P BSE Sensex was up 31.42 points or 0.12% at 26,429.13.
BPCL (up 2.93%), Indian Oil Corporation (up 1.4%) and HPCL (up 4.6%) edged higher.
Crude oil futures edged higher after slumping sharply in the previous session triggered by Britain choosing to leave European Union after a Brexit Referendum on 24 June 2016. Brent for August 2016 settlement was currently up 16 cents at $48.57 a barrel. The Brent August contract had fallen $2.50 a barrel or 4.91% to settle at $48.41 a barrel on Friday, 24 June 2016.
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.
Meanwhile, the next revision of petrol, diesel, and jet fuel prices is due this weekend. PSU OMCs review petrol and diesel prices during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight. PSU OMCs review jet fuel prices on the last day of the month based on the average imported oil price for the month.
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