Shares of three state-run oil marketing companies fell 1.62% to 2.84% at 13:50 IST on BSE after Brent crude prices firmed up in international market.
Meanwhile, the S&P BSE Sensex was up 138.17 points or 0.35% at 39,184.15.Hindustan Petroleum Corporation (down 2.84%), Indian Oil Corporation (down 2.44%) and Bharat Petroleum Corporation (down 1.62%), declined.
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.
Brent Crude oil prices rose on Wednesday, rekindled by hopes for a US-China trade deal and potential economic stimulus from the European Central Bank (ECB).
In the commodities market, Brent crude for August 2019 settlement was up 22 cents at $62.36 a barrel. The contract rose $1.20, or 1.96% to settle at $62.14 a barrel during the previous trading session.
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