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PSU OMCs slide as crude oil prices firm up

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of public sector marketing companies fell by 1.83% to 5.12% at 12:01 on as prices firmed up.

HPCL (down 5.12%), BPCL (down 2.94%) and Indian Corporation (IOCL) (down 1.83%), edged lower.

The S&P Sensex was down 12.38 points, or 0.05% at 26,640.43.

Higher prices could increase under-recoveries of public sector 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 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 marketing companies (PSU OMCs) announced a revision in petrol and diesel prices with effect from midnight of 30 November/1 December 2016. Indian 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 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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 11:53 IST
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