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PSU OMCs climb as crude oil price drops

Capital Market 

Shares of state-run oil marketing companies rose 1.29% to 2.75% at 15:03 IST on BSE after crude oil prices dropped in the international commodity market.

Meanwhile, the S&P BSE Sensex was up 13.84 points or 0.04% at 38,974.63.

Hindustan Petroleum Corporation (up 2.75%), Bharat Petroleum Corporation (up 1.84%) and Indian Oil Corporation (up 1.29%) 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 fell for a second day on Tuesday. Losses were limited by tensions in the Middle East after last week's tanker attacks.

In the commodities market, Brent crude for August 2019 settlement was down 61 cents at $60.33 a barrel. The contract fell $1.07, or 1.73% to settle at $60.94 a barrel during the previous trading session.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 18 2019. 15:03 IST