Shares of three state-run oil marketing companies tumbled 1.62% to 3.41% at 13:57 IST on BSE as Brent crude oil prices peaked to near $70 a barrel mark yesterday, 21 March 2018.
HPCL (down 3.41%), BPCL (down 3.09%) and IOCL (down 1.62%) declined.
Meanwhile, the S&P BSE Sensex was down 83.01 points or 0.25% at 33,053.17.
In the global commodities markets, Brent for May 2018 settlement was down 11 cents at $69.36 a barrel. The contract had spurted $2.05 a barrel, or 3.04% to settle at $69.47 a barrel during the previous trading session.
Higher crude oil prices could increase under-recoveries of public-sector undertaking 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.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
