In the global commodities markets, Brent for June 2018 settlement was down 31 cents at $70.73 a barrel. The contract surged $2.39 a barrel or 3.48% to settle at $71.04 a barrel during the previous trading session. Higher crude oil prices could increase 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.
State-run oil marketing companies were also under pressure on reports the government has asked these companies not to hike fuel price and absorb up to Re 1 per litre rise in fuel prices.
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