The shares of oil marketing companies (OMC) and refineries experienced selling pressure on Friday as most stocks were either trading in negative territory or quoted flat due to rising crude prices amid escalating tension in the Middle East. The shares of Reliance Industries, Oil India Limited, Indian Oil Corporation, Bharat Petroleum Corporation Limited were trading in red, while Hindustan Petroleum shares were quoted flat.
Oil Stocks Today
Reliance Share Price: The shares of Reliance Industries, which owns the world's largest refinery, decline nearly 4 per cent on the crude oil price spike. Last seen, the RIL shares were trading at Rs 1,357.80, down 3.88 per cent on BSE.
Also Read: Middle East Crisis Impact: Rupee Continues Free Fall, Hits Record Low Of 94.56 Against US Dollar
Indian Oil Corporation Share Price: The shares of government owned oil marketing company were down 1.03 per cent to Rs 139.20.
Oil India Limited Shares Today: The Oil India Shares were quoted at Rs 466.60, down 1.06 per cent.
Bharat Petroleum Limited Share Price: The shares of BPCL were trading at Rs 283.40, down 0.42 per cent.
Hindustan Petroleum Shares: The shares of HPCL were trading flat at Rs 344.55, up 0.10 per cent.
Excise Duty Cut
Recently, the government has reduced excise duty on both petrol and diesel by Rs 10 per litre in an effort to curb rising oil prices for consumers in the country. With this, the central tax on petrol has been reduced to Rs 3 per liter while diesel is now exempt from excise duty.
However, petrol and diesel prices remained largely unchanged across the country despite the excise duty cut. However, fuel prices rose slightly in some cities.
Crude Oil Prices
Meanwhile, crude oil prices have maintained the $108-$110 barrel per dollar level since the morning. Last seen, Brent Crude was at $109.6, up $1.53 or 1.42 per cent. The Crude prices soared significantly high from $102-$104 per barrel level earlier this week amid escalating war in the Middle East.