PSU OMCs edge lower after reduction in petrol price

Shares of two public-sector oil marketing companies fell 0.5% to 0.79% at 12:31 IST on BSE after the state-run fuel retailers cut petrol price by 50 paise per litre with effect from 1 November 2015.

BPCL (down 0.5% at Rs 866.50) and Indian Oil Corporation (down 0.79% at Rs 395.95) edged lower. HPCL (up 1.83% at Rs 780.50) edged higher.

The S&P BSE Sensex was down 226.47 points or 0.85% at 26,430.36.

Indian Oil Corporation (IOCL) on Saturday, 31 October 2015, announced a reduction in the retail selling price of petrol by 50 paise per litre with effect from 1 November 2015. Petrol will now cost Rs 60.70 per litre in Delhi as against Rs 61.20 a litre earlier. The price of diesel was kept unchanged. The current level of international crude prices and rupee-dollar exchange rate warrant a price decrease, which is being passed on to consumers with the latest price revision, IOCL said in a statement.

Meanwhile, in the global commodities markets, Brent for December settlement was currently up 1 cent at $49.57 a barrel. The contract had risen 76 cents or 1.55% to settle at $49.56 a barrel during the previous trading session.

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