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PSU OMCs slide as crude oil firms up

Capital Market 

Shares of three state-run oil marketing companies fell 1.36% to 2.73% at 11:32 IST on BSE after Brent crude prices firmed up in international market.

Meanwhile, the S&P BSE Sensex was down 23.25 points, or 0.06% to 38,838.98.

HPCL (down 2.73%), BPCL (down 1.44%) and Indian Oil Corporation (down 1.36%) edged lower.

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 June 2019 settlement was up 29 cents at $70.63 a barrel. The contract rose 94 cents, or 1.35% to settle at $70.34 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, April 08 2019. 11:30 IST
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