HPCL jumped 5.86% to ₹412.55, BPCL rose 4.55% to ₹309, and IOC rallied 4.15% to ₹145.30 on the fourth fuel price hike in under two weeks.
Petrol and diesel were raised by ₹2.61–₹2.71 per litre, bringing cumulative increases to nearly ₹7.5 per litre since May 15, raising inflation and transport cost concerns.
Global crude surged over 50% since late February due to US-Israeli strikes on Iran and Strait of Hormuz disruptions; state-owned OMCs controlling 90% of India's fuel market are passing on higher input costs.
Oil Marketing Companies Rally; HPCL Shares Climb Nearly 6 pc
Petrol and diesel prices raised by ₹2.61–₹2.71 per litre, pushing cumulative increases to nearly ₹7.5 per litre since May 15; state-owned retailers control 90% of India's fuel market amid soaring crude and inflation concerns
Advertisement
Shares of oil marketing companies surged on Monday, with HPCL climbing nearly 6%, following a fresh hike in petrol and diesel prices.
The stock of Hindustan Petroleum Corporation Ltd (HPCL) jumped 5.86% to hit the day's high of ₹412.55 on the BSE.
Shares of Bharat Petroleum Corporation Ltd (BPCL) climbed 4.55% to ₹309.
Indian Oil Corporation (IOC) rallied 4.15% to ₹145.30.
Petrol and diesel prices were raised by ₹2.61-2.71 per litre on Monday, marking the fourth increase in less than two weeks, as state-owned fuel retailers continued to pass on rising international oil prices to consumers.
With the latest revision, cumulative increases in petrol and diesel prices have nearly touched ₹7.5 per litre since fuel price revisions resumed on May 15 after a prolonged freeze, stoking concerns over inflationary pressures and higher transportation costs across the economy.
The latest revision pushed petrol prices higher by ₹2.61 per litre and diesel by ₹2.71, according to industry sources.
Advertisement
State-owned Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd together control 90% of India's fuel market.
The back-to-back increases come after global crude oil prices surged more than 50% since late February following US-Israeli strikes on Iran and disruptions to shipments through the Strait of Hormuz, a critical global oil transit route.
Fuel retailers had in the first two-and-half-months of the conflict kept pump prices low despite rising input costs, a move the government said was aimed at shielding consumers from inflation. Opposition parties, however, accused the government of delaying price revisions until after key state elections.