Shares of the state-run oil marketing companies Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) fell more than a percent each on rising crude oil prices and sustained volatility in the Indian rupee against the US dollar.
Crude oil prices have gradually been rising on reports of decline in US crude inventories and likely supply tightening ahead of US sanctions on the Iranian oil which will come into effect from November this year.
The Delhi high court has refused to pass orders on a public interest litigation (PIL) against rising fuel prices, reports CNBC-TV18.
The court said fuel prices is a matter of national policy and any orders will have wide-ranging ramifications. The court has directed the petroleum ministry to consider the suggestions in the PIL within four weeks.
Meanwhile, the Indian rupee fell 14 percent year-to-date to hit record low of 72.91 against the US dollar in morning but managed to recover 80 paise from that low point to trade around 72.03 on hopes of measures from the government to limit the currency fall this week.
courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/hpcl-bpcl-ioc-jet-airways-interglobe-decline-over-1rising-oil-prices-weak-rupee_11416661.html