Duties imposed on these commodities are important inputs for various streams like animal feed and plastic processing industries.
Any rise in crude oil prices is always negative for not only oil marketing companies but also aviation firms.
Analysts said speculators built fresh positions after oil prices rose in Asia as the US pressured allies to stop buying Iranian crude. This mainly led to rise in crude oil prices in futures trade here.
Concerns like supply disruptions in Libya and Canada, US officials statement saying all countries should stop Iranian crude imports from November pushed crude oil prices higher.
The outcome of the OPEC meeting was an additional 1 million barrels per day on top of 32-33 million barrels per day of its current production, a decision that was attributed to consumers from the US to India and China expressing anxiety over rising prices.
Oil prices corrected nearly 11 percent from the $80.50 a barrel (the highest level since November 2014) touched on May 17.
The Indian state-controlled bank's decision comes after U.S. President Donald Trump pulled out of an international nuclear deal with Iran on May 8 and said he would reimpose sanctions within 180 days.
Policy uncertainty in light of high crude prices, inflationary environment and populism in an election year make us cautious on this space
Indian Oil Corporation, which has for decades been India's biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal.
Brent and WTI have respectively fallen by 5.5 percent and 7.5 percent from peaks reached earlier in May.
Motilal Oswal is bullish on IOC has recommended buy rating on the stock with a target price of Rs 263 in its research report dated May 23, 2018.
CLSA said there is a need for another 5-6 percent hike in fuel prices after recent 3 percent hike by oil marketing companies.
Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation fell up to 7 percent intraday after crude oil prices rallied more than 3 percent on decline in US crude inventories.
The market breadth was in favour of the advances with 900 stocks advancing while 658 declined and 471 remained unchanged. On the other hand, in the BSE, 988 stocks advanced and 705 declined and 89 remained unchanged.
As per the contract, IOC has booked 3 million tonnes per annum (MTPA) regasification capacity spread over 20 years, APSEZ said in a statement.
Brewing geopolitical tensions coupled with fears of trade wars and inventory cuts are expected to keep crude up in the near term
Oil marketing companies take into account the global performance of crude oil, excise duties and the state-wise value added tax (VAT).
Higher crude oil price is always a concern for country like India which imports more than 80 percent of oil requirement
The fall of 6-16 percent during the last six months can be seen as opportunity to enter into this space.
HPCL was the biggest loser among Nifty50 stocks, falling up to 7 percent followed by BPCL and IOC with 5 percent losses.
The market breadth was in favour of the advances with 1131 stocks advancing while 568 declined and 348 remained unchanged. On the other hand, in the BSE, 1619 stocks advanced and 890 declined and 136 remained unchanged.
The company currently owns and operates 11 out of the country's 23 refineries. Its refineries have a total capacity of 80.7 million tonnes per annum.
Over 3.6 crore poor women have been given free LPG connections since June 2015. While the Rs 1,600 cost of LPG connection is borne by the government, the cost of buying LPG stove and refill (gas cylinder) was to be borne by the beneficiaries. To help poor, oil firms provided interest-free loan to fund the cost of LPG stove and refill to beneficiaries.
The market breadth was in favour of the declines with 315 stocks advancing while 1342 declined and 371 remained unchanged. On the other hand, in the BSE, 558 stocks advanced and 1761 declined and 92 remained unchanged.
The record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares has been fixed as March 17, 2018.