Shares of state-run oil marketing companies rose 0.82% to 1.29% at 12:47 IST on BSE after crude oil prices dropped in the international commodity market.
Meanwhile, the S&P BSE Sensex was up 13.84 points or 0.04% at 38,974.63.
Indian Oil Corporation (up 1.29%), Hindustan Petroleum Corporation (up 1.1%) and Bharat Petroleum Corporation (up 0.82%) advanced.
Lower crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the commodities market, Brent crude for August 2019 settlement was up 22 cents at $62.62 a barrel. The contract tumbled $2.66 per barrel or 4.26% to settle at $62.40 a barrel in the previous trading session.
Oil prices fell on Tuesday as concerns over demand in a slowing economy outweighed the passage of an extension of output cuts by OPEC and its allies.
OPEC agreed on Monday to extend oil supply cuts until March 2020 as the group's members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring US production.
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