PSU OMCs tumble as crude oil boils
Shares of the state-run oil marketing companies fell by 1.10%to 4.24% at 11:07 IST on BSE after Brent Crude moved above $70 per barrel.
HPCL (down 4.24%), BPCL (down 2.10%) and IOCL (down 1.10%) declined.Meanwhile, the S&P BSE Sensex was up 19.06 points or 0.06% at 32,615.60.
In the global commodities markets, Brent for May 2018 settlement was down 11 cents at $70.34 a barrel. The contract spurted $1.54 a barrel, or 2.23% to settle at $70.45 a barrel during the previous trading session on Friday, 23 March 2018.
Higher crude oil prices could increase 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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