Oil companies' stocks surge after petrol and diesel prices hike—here’s why
मुख्य बातें
- •Petrol and diesel prices were hiked by ₹2.61 to ₹2.71 per litre on Monday.
- •HPCL, BPCL, and IOC stocks rose between 4% and 6%.
- •State-run oil companies—Indian Oil, Bharat Petroleum, and Hindustan Petroleum—control nearly 90% of India’s fuel market.
- •Global crude oil prices have surged over 50% since late February.
Public sector oil companies saw a sharp rise in their stock prices on Monday after petrol and diesel prices were hiked by ₹2.61 to ₹2.71 per litre. This marks the fourth increase in less than two weeks. Since 15 May, petrol and diesel prices have risen by around ₹7.5 per litre cumulatively, deepening concerns over inflation and rising transport costs.
On the BSE, Hindustan Petroleum Corporation Limited (HPCL) surged 5.86% to reach an intraday high of ₹412.55. Bharat Petroleum Corporation Limited (BPCL) gained 4.55%, closing at ₹309, while Indian Oil Corporation (IOC) rose 4.15% to ₹145.30.
The three state-run oil firms—Indian Oil, Bharat Petroleum, and Hindustan Petroleum—together control nearly 90% of India’s fuel market. Analysts attribute the recent spike in global crude oil prices—up over 50% since late February—to rising geopolitical tensions, including US-Israel strikes in Iran and potential supply disruptions at the Strait of Hormuz, a critical oil transit route.
