Shares of public sector oil marketing companies fell by 1.83% to 5.12% at 12:01 IST on BSE as crude oil prices firmed up.
HPCL (down 5.12%), BPCL (down 2.94%) and Indian Oil Corporation (IOCL) (down 1.83%), edged lower.
The S&P BSE Sensex was down 12.38 points, or 0.05% at 26,640.43.
Higher crude oil prices could increase under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, Brent crude oil futures edged higher. Brent for February settlement was up 73 cents at $52.57 a barrel. The contract had jumped $4.52 a barrel or 9.55% to settle at $51.84 a barrel during the previous trading session.
Public sector oil marketing companies (PSU OMCs) announced a revision in petrol and diesel prices with effect from midnight of 30 November/1 December 2016. Indian Oil Corporation (IOCL) yesterday, 30 November 2016, announced an increase in the price of petrol by Rs 0.13 per litre (excluding state levies) and a decrease in the price of diesel by Rs 0.12 a litre (excluding state levies). The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
