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PSU OMCs climb as crude oil price eases

Capital Market 

Shares of state-run oil marketing companies rose 0.55% to 2.18% at 14:35 IST on BSE after crude oil prices stabilised in the international commodity market.

Meanwhile, the S&P BSE Sensex was up 267.18 points or 0.69% at 39,163.18.

Hindustan Petroleum Corporation (up 2.18%), Bharat Petroleum Corporation (BPCL) (up 2.09%) and Indian Oil Corporation (up 0.55%) 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.

In the commodities market, Brent crude for September 2019 settlement was down 2 cents at $66.46 a barrel. The contract fell 24 cents, or 0.35% to settle at $66.48 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, July 16 2019. 14:36 IST