Shares of three PSU OMCs rose from 1.48% to 3.47% after international crude oil prices slumped amid weak Chinese demand.
PSU Oil Marketing Companies (OMCs), Hindustan Petroleum Corporation (up 2.95%), and Indian Oil Corporation (up 3.47%) and Bharat Petroleum Corporation (up 1.48%) advanced.In the commodities market, Brent crude for April 2020 settlement was up 22 cents at $54.67 a barrel. The contract tumbled 3.83% to settle at $54.45 a barrel in the previous trading session. In last five trading session, brent crude has lost 9%.
Lower crude oil prices could reduce 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.
Crude oil prices fell to its lowest level in more than a year on concerns of the Coronavirus outbreak and its potential impact on demand. China is world's largest crude importer.
Following the crash in oil prices, OPEC members are reportedly planning an emergency meeting for considering large production cut.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app