Shares of three public sector oil marketing companies rose by 0.22% to 0.92% at 10:15 IST on BSE as global crude oil prices extended losses.
Meanwhile, the BSE Sensex was up 13.93 points, or 0.05, to 27,001.39.
Among PSU OMCs, BPCL (up 0.92%), Indian Oil Corporation (up 0.22%) and HPCL (up 0.38%) edged higher.
Lower crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Brent crude futures continued to drop after declining overnight amid continuing concerns about a global supply glut. Brent for February settlement was off 15 cents a barrel at $50.95 a barrel. The contract had lost $2.01 a barrel to settle at $51.10 a barrel yesterday, 6 January 2015, slumping for a fourth straight session to five-and-a-half year lows as mounting worries about a supply glut pressured crude prices.
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