Supported by a fall in crude oil prices in the international markets, shares of public sector oil marketing companies (PSU OMCs) closed higher on Tuesday. Crude oil prices slid around 0.50 per cent to $42.1 a barrel.
Share price of Bharat Petroleum Corporation, Indian Oil Corporation and Hindustan Petroleum Corporation jumped 3.80 per cent, 3.70 per cent and 2.59 per cent higher at Rs 896.75, Rs 399.30 and Rs 887.35, respectively. The BSE Sensex closed 0.17 per cent lower at 27,831.
According to market experts, a fall in crude oil prices could 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.