Shares of state-run oil marketing companies rose 1.31% to 1.84% at 11:41 IST on BSE after crude oil prices dropped in the international commodity market.Meanwhile, the S&P BSE Sensex was up by 298.26 points, or 0.75% to 40,012.46.
BPCL (up 1.31%), HPCL (up 1.42%) and Indian Oil Corporation (up 1.84%), advanced.
Lower crude oil prices could reduce under-recoveries of public sector 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.
Crude oil prices dropped amid stalling demand as trade wars fanned fears of a global economic slowdown. Brent for August 2019 settlement was down 72 cents at $61.27 a barrel. The contract fell $3.34 a barrel or 5.11% to settle at $61.99 a barrel during the previous trading session.
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