Shares of two oil marketing companies rose by 0.49% to 0.59% at 12:10 IST on BSE after further slide in global crude oil prices.
Meanwhile, the BSE Sensex was up 43.21 points or 0.15% to 28,000.70.
Among PSU OMCs, HPCL (up 0.59%) and Indian Oil Corporation (up 0.49%) edged higher. BPCL dropped 0.59%.
Shares of BPCL had outperformed the market over the past one month till 31 March 2015, gaining 8.65% compared with 4.78% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.41% as against Sensex's 1.67% rise.
Shares of HPCL had outperformed the market over the past one month till 31 March 2015, gaining 4.88% compared with 4.78% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.75% as against Sensex's 1.67% rise.
Shares of Indian Oil Corporation had outperformed the market over the past one month till 31 March 2015, gaining 10.92% compared with 4.78% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.07% as against Sensex's 1.67% rise.
Brent crude oil futures edged lower, extending previous trading session's decline. Brent for May settlement was off 34 cents at $54.77 a barrel. The contract had declined $1.18 a barrel or 2.09% to settle at $55.11 a barrel during previous trading session.
A decline in crude oil prices will reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel.
Meanwhile, Indian Oil Corporation announced during market hours cut in petrol prices by Rs 0.49 per litre at Delhi (including state levies) with corresponding decrease in other states. With this change, the price of petrol in Delhi will become Rs 60 per litre. The revised prices are effective from midnight 1 April 2015.
IOCL also announced decrease in diesel prices by Rs 1.21 per litre at Delhi (including State levies) with corresponding decrease in other states. With this change, the price of diesel in Delhi will become Rs 48.50 per litre.
The prices of petrol and diesel were last revised on 1 March 205. Since then, the international prices of both petrol and diesel have declined. The rupee-dollar exchange rate has however depreciated. The impact of both these factors warrants decrease in petrol & diesel prices, IOCL said.
PSU OMCs have also cut jet fuel prices by 2.03% to Rs 49,338 per kilolitre in Delhi on the back of falling global crude oil prices. The new price is effective from 1 April 2015. The price cut comes a month after 8.27% rise in aviation turbine fuel (ATF) or jet fuel.
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