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PSU OMCs surge as crude prices decline/news06012012
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Friday, January 06, 2012
Shares of three state-run oil marketing companies rose 0.63% to 2.01% on BSE as crude oil futures declined for the second day today, (January 06, 2012).
At 10.19 am, BPCL up by 2.01%, HPCL up by 1.29% and Indian Oil Corporation up by 0.63%.
Lower crude oil prices will reduce under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at government controlled prices. The government has already deregulated petrol prices.
Crude oil futures for February 2012 delivery lost 47 cents to $101.34 a barrel in Asian electronic trading today, January 06, 2012, declining for a second straight day as increasing US crude stockpiles and signs of worsening Europe debt crisis pointed to faltering demand for fuel. The contract had lost $1.41 a barrel, or 1.36% to settle at $101.81 a barrel on the New York Mercantile Exchange on Thursday, (January 05, 2012).
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