Shares of three public sector oil marketing companies fell 1.26% to 1.88% at 14:44 IST on BSE on higher crude oil prices.
Indian Oil Corporation (down 1.26% at Rs 398.15), BPCL (down 1.37% at Rs 863.45) and HPCL (down 1.88% at Rs 791.90) declined.
Meanwhile, the S&P BSE Sensex was up 54.31 points or 0.2% at 26,987.19.
Global crude oil prices rose on hopes for falling supply in both the United States and global markets. In the global commodities markets, Brent for November settlement was currently up 77 cents at $52.69 a barrel. The contract had surged $2.67 a barrel or 5.42% to settle at $51.92 a barrel during the previous trading session.
Higher crude oil prices could increase under-recovery of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at government controlled prices. The government has already freed pricing of petrol and diesel.
Powered by Capital Market - Live News
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