PSU OMCs gain after fuel price revision

Shares state-run oil marketing companies rose by 0.09% to 1.09% at 14:15 IST on BSE after fuel prices were raised today, 14 May 2018, after a 19-day pre-Karnataka poll hiatus.

BPCL (up 1.09%), HPCL (up 0.68%) and Indian Oil Corporation (up 0.09%), edged higher.

The S&P BSE Sensex was down 51.12 points, or 0.14% at 35,484.67.

Petrol price was today hiked by Rs 0.17 a litre and diesel by Rs 0.21 as public sector oil marketing companies (PSU OMCs) passed on the spike witnessed in international crude oil prices on consumers. Global crude oil prices have risen over the past few months, to trade near 2014 highs.

In the global commodities markets, Brent for July 2018 settlement was down 21 cents at $76.91 a barrel. The contract had fallen 35 cents, or 0.45% to settle at $77.12 a barrel during the previous trading session.

Higher crude oil prices increases under-recoveries of public-sector undertaking 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.

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