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Shares of oil marketing firms declined. Indian Oil Corporation Ltd, Bharat Petroleum Corporation and Hindustan Petroleum Corporation fell as much as 2.1 per cent to 3.3 per cent.
According to Indian Oil web site, the refiner has marginally cut the pump prices of petrol and diesel. Domestic petrol and diesel prices had touched record highs on Friday.
Petrol and diesel prices in India are linked to Singapore gasoline prices and Arab Gulf diesel prices, which mostly track the movement in crude oil prices. Crude oil prices fell as Saudi Arabia and Russia said they are ready to ease supply curbs that have pushed crude prices to their highest since 2014.
State-run BPCL, HPCL and IOC control most of the fuel retail market. BPCL had on Tuesday posted 45 per cent rise in March-quarter net profit.
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