Shares of three state-run oil marketing companies rose 0.26% to 1.28% at 14:52 IST on BSE as crude oil futures fell as weak global equities and rising US dollar put pressure on the commodity.
Indian Oil Corporation (up 1.28%), HPCL (up 0.69%) and BPCL (up 0.26%), edged higher.
The BSE Sensex was down 576.24 points, or 3.38% at 16,488.91.
Indian Oil Corporation had underperformed the market over the past one month until 21 September 2011, falling 2.08% compared with the Sensex's 5.72% gain. The scrip had also underperformed the market in past one quarter, sliding 4.47% as against 2.82% decline in the Sensex.
HPCL had underperformed the market over the past one month until 21 September 2011, sliding 3.73% compared with the Sensex's 5.72% gain. The scrip had outperformed the market in past one quarter, rising 0.01% as against 2.82% decline in the Sensex.
BPCL had underperformed the market over the past one month until 21 September 2011, falling 2.79% compared with the Sensex's 5.72% gain. The scrip had outperformed the market in past one quarter, jumping 7.26% as against 2.82% decline in the Sensex.
Crude for November delivery was down $2.77 a barrel, or 3.22% at $83.15 a barrel in electronic trading on Thursday, 22 September 2011. Lower crude oil prices could reduce under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at controlled prices. The government has already freed pricing of petrol.
State-run oil marketing firms (PSU OMCs) hiked petrol and aviation turbine fuel prices on 16 September 2011. PSU OMCs raised petrol prices by Rs. 3.14 to Rs. 3.32 a litre to pass on the impact of a depreciating rupee, which has resulted in higher import cost. This is the ninth increase since petrol prices were decontrolled in June 2010. Meanwhile, aviation turbine fuel (ATF) prices were also hiked by 2.5% in line with firm global oil prices.
