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Shares of state-owned oil marketing companies gained after Brent crude prices were trading near 16-month lows as demand continues to remain weak on account of sluggish economic growth in China, the world's second largest economy and the euro zone.
Brent crude for October settlement fell $2.45 to end at $100.34 a barrel, the lowest level since May 1, 2013, on the ICE Futures Europe exchange on Tuesday. However, Brent crude prices were trading with marginal gains today.
Lower crude oil prices will help decrease the quantum of under-recoveries for these companies which are currently selling kerosene, LPG and diesel at government controlled rates.
Hindustan Petroleum was up 2% at Rs 480, Bharat Petroleum rose 1.4% and Indian Oil Corp gained 2.2%
