Shares of three public sector oil marketing companies rose by 0.06% to 0.40% at 10:21 IST on BSE after crude oil prices declined sharply yesterday, 14 September 2015.
Indian Oil Corporation (up 0.40%), HPCL (up 0.07%) and BPCL (up 0.06%), edged higher.
The S&P BSE Sensex was down 84.23 points, or 0.33% at 25,772.47.
Decline in crude oil prices will reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel.
In the global commodities markets, Brent crude oil futures edged lower. Brent for October settlement was currently off 3 cents at $46.34 a barrel. The contract had fallen $1.77 a barrel or 3.67% to settle at $46.37 a barrel during the previous trading session. The October Brent contract expires today, 15 September 2015. Brent for November settlement was currently up 12 cents at $47.47 a barrel.
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