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PSU OMCs firm up as crude oil price declines

Capital Market 

Shares of three state-run oil marketing companies rose by 0.74% to 1.47% at 10:51 IST on BSE after crude oil futures declined in the international commodity market.

HPCL (up 1.47%), Indian Oil Corporation (up 1.53%) and BPCL (up 0.74%), edged higher.

The S&P BSE Sensex was down 329.39 points, or 0.86% at 37,835.22.

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 global commodities markets, Brent for May 2018 settlement was down 40 cents at $66.63 a barrel. The contract fell 83 cents, or 1.22% to settle at $67.03 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: Mon, March 25 2019. 10:46 IST