PSU OMCs decline as crude oil firms up

Shares of the three state-run oil marketing companies fell by 1.05% to 3.73% at 12:09 IST on BSE after Brent crude prices firmed up in international market.

HPCL (down 1.05%), BPCL (down 3.48%) and Indian Oil Corporation (IOCL) (down 3.73%) declined.

The S&P BSE Sensex was down 118.01 points or 0.33% at 35,916.10.

Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In the global commodities markets, Brent for April 2019 settlement was up 62 cents at $64.23 a barrel. The contract rose $1.19 per barrel, or 1.91% to settle at $63.61 a barrel during the previous trading session.

 

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