Three public sector oil marketing companies rose 0.27% to 1% at 11:55 IST on BSE on lower global crude oil prices.
BPCL (up 0.27% at Rs 838.20), HPCL (up 0.41% at Rs 691.50) and Indian Oil Corporation (up 1% at Rs 353.85) edged higher.
Meanwhile, the S&P BSE Sensex was up 156.49 points or 0.59% at 26,581.79.
Brent crude oil futures extended Friday's decline. Brent for July settlement, which expires today, 15 June 2015, was down 25 cents at $63.62 a barrel. The contract had fallen $1.24 a barrel or 1.9% to settle at $63.87 a barrel during the previous trading session on Friday, 12 June 2015. Brent for August settlement was down 12 cents at $64.52 a barrel.
Decline in crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel.
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