State-owned oil marketing companies surged upto 4 per cent in trade on Tuesday amid falling crude oil prices that hit a 13-month low.
The unrest in Iraq, Libya, Ukraine and Gaza, coupled with an accelerating American economy, would normally spell a spike in crude oil prices. However, prices have slipped to a 13-month low of about $102 per barrel.
BPCLBSE 3.29 % surged as much as 3.5 per cent to hit its fresh 52-week high of Rs 671.50. HPCLBSE 3.50 % rose 4.3 per cent to hit its intraday high of Rs 459.85. While IOCBSE 2.23 % rose nearly 3 per cent in trade.
IOC was trading 2.9 per cent higher at Rs 363, BPCL was up 3.2 per cent to Rs 669 and HPCL was trading 3.8 per cent higher at Rs 457.50.
Brent crude prices have fallen by 11% to $102/bbl from the 2014 highs of $115/bbl in June 2014 which is positive for India which imports nearly 85 per cent of its crude oil requirement.
India's FY15 fuel subsidy is estimated at Rs 1 trillion ($16.6bn) at Deutsche Bank's Brent oil price forecast of $111/bbl every $10/bbl fall in oil price reduces India's annualized oil import bill by $10 bn and fuel subsidy by $5.6 bn.
The unrest in Iraq, Libya, Ukraine and Gaza, coupled with an accelerating American economy, would normally spell a spike in crude oil prices. However, prices have slipped to a 13-month low of about $102 per barrel.
BPCLBSE 3.29 % surged as much as 3.5 per cent to hit its fresh 52-week high of Rs 671.50. HPCLBSE 3.50 % rose 4.3 per cent to hit its intraday high of Rs 459.85. While IOCBSE 2.23 % rose nearly 3 per cent in trade.
IOC was trading 2.9 per cent higher at Rs 363, BPCL was up 3.2 per cent to Rs 669 and HPCL was trading 3.8 per cent higher at Rs 457.50.
Brent crude prices have fallen by 11% to $102/bbl from the 2014 highs of $115/bbl in June 2014 which is positive for India which imports nearly 85 per cent of its crude oil requirement.
India's FY15 fuel subsidy is estimated at Rs 1 trillion ($16.6bn) at Deutsche Bank's Brent oil price forecast of $111/bbl every $10/bbl fall in oil price reduces India's annualized oil import bill by $10 bn and fuel subsidy by $5.6 bn.
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