Indian oil marketing companies face market headwinds as petrol and diesel prices surge. HPCL, BPCL, and IOC shares declined up to three percent following a Rs 3 per litre price increase announced by the Centre, despite expectations for higher hikes. The price adjustment reflects mounting pressure from global crude oil costs, which have soared above one hundred dollars per barrel due to disruptions in the Strait of Hormuz and Middle East geopolitical tensions. Petrol now costs Rs 97.77 per litre in Delhi, while diesel reached Rs 90.67 per litre. These three major oil stocks have already fallen twenty-four percent this year amid the escalating energy crisis. Prime Minister Modi's recent call for energy conservation further dampened investor sentiment, signaling the severity of supply chain disruptions affecting India's fuel markets.
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