Shares of oil marketing companies fell on Friday after crude oil prices spiked due to heightening geopolitical tensions in the Middle East after US airstrike killed Iranian General Qasseem Soleimani.
The Pentagon said that the airstrike, that killed Soleimani at Baghdad’s international airport on Friday, “was aimed at deterring future Iranian attack plans.”
Shares of Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation Ltd (IOC) were trading 2.20 percent, 2.10 percent and 0.30 percent lower, respectively at around 10 am.
However, IOC recovered slightly and was trading 0.16 percent higher at 11:25 am. BPCL was trading lower by 1.17 percent while HPCL was down 1.89 percent at around 11:30 am.
The rise in crude oil prices affects the gross refining margins of the oil marketing companies. Read More