Shares of three public sector oil marketing companies fell by 0.15% to 1.43% at 10:00 IST on BSE as US crude-oil futures for September delivery vaulted almost 5% to close above $91 a barrel on Friday, 3 August 2012.
BPCL (down 1.43%), HPCL (down 1.09%) and Indian Oil Corporation (down 0.15%), edged lower.
The BSE Sensex was up 214.97 points, or 1.25% at 17,412.90.
BPCL had underperformed the market over the past one month until 3 August 2012, sliding 7.10% compared with the Sensex's 1.31% fall. The scrip had, however, outperformed the market in past one quarter, rising 6.71% as against 0.27% rise in the Sensex.
HPCL had underperformed the market over the past one month until 3 August 2012, falling 3.41% compared with the Sensex's 1.31% fall. The scrip had, however, outperformed the market in past one quarter, rising 12.99% as against 0.27% rise in the Sensex.
Indian Oil Corporation had outperformed the market over the past one month until 3 August 2012, falling 1.05% compared with the Sensex's 1.31% fall. The scrip had also outperformed the market in past one quarter, rising 1.74% as against 0.27% rise in the Sensex.
Higher crude oil prices could increase under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at controlled prices. The government has already freed pricing of petrol.
The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas have reviewed international prices of crude oil and petroleum products during the second fortnight of July 2012. Accordingly, the under-recovery on HSD (High Speed Diesel) applicable for 1st fortnight of August effective Wednesday, 1 August 2012 increased substantially to Rs 12.13 per litre. This is higher than Rs 9.95 per litre prevailing during previous fortnight. In case of PDS kerosene also the under-recovery rose to Rs 28.54 per litre for the month of August 2012 from Rs 27.20 per litre for July 2012. However, under-recovery on domestic LPG fell to Rs 231 per cylinder in for August 2012 from Rs 319 cylinder in July 2012.
PSU OMCs are currently effective Wednesday, 1 August 2012 incurring daily under-recovery of about Rs 402 crore on the sale of diesel, PDS kerosene and domestic LPG, the press release said.
PSU OMCs suffered under-recovery of Rs 138541 crore in the year ended 31 March 2012, which was sharply higher than under-recovery of Rs 78190 crore in the year ended 31 March 2011. Their under-recovery was Rs 47811 crore during April to June 2012 period.
Powered by Capital Market - Live News
