PSU OMCs slide as crude oil boils
Shares of three state-run oil marketing companies fell 1.2% to 2.6% after Brent crude prices flared up following an Israeli airstrike on Iran that sharply escalated tensions in the Middle East.
In commodities, Brent crude (August 2025 contract) soared $5.59, or 8.06%, to $74.95 per barrel amid heightened geopolitical tensions.Meanwhile, the Nifty 50 index was down 203.45 points, or 0.82% at 24,685.25.
BPCL (down 2.59%), HPCL (down 2.24%) and Indian Oil Corporation (down 1.2%) edged lower.
The heightened geopolitical unrest has sparked fears of potential disruptions to global oil supplies. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has freed pricing of petrol and diesel.
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