HPCL, BPCL, IOCL Shares Jump Up To 6% As Petrol, Diesel Rates Hiked Again

Shares of oil marketing companies (OMCs) surged in early trade on May 25 after petrol and diesel prices were raised for the fourth time in less than 10 days, boosting sentiment around the sector. Fuel prices were increased again on Monday, with petrol becoming costlier by Rs 2.61 per litre and diesel by Rs 2.71 per litre amid elevated global crude oil prices and a weakening rupee.

Among OMCs, Hindustan Petroleum Corporation Ltd (HPCL) led the gains, rising as much as 5.87 per cent to Rs 412.55 apiece on the NSE. Bharat Petroleum Corporation Ltd (BPCL) climbed 4.45 per cent to Rs 308.70, while Indian Oil Corporation (IOC) advanced 3.88 per cent to Rs 144.88. In contrast, shares of upstream oil exploration companies declined, with ONGC and Oil India falling between 1.5 per cent and 2.5 per cent in early trade.

With the latest revision, cumulative increases in petrol and diesel prices have now neared Rs 7.5 per litre since the latest hike cycle began on May 15, ending a nearly four-year freeze in retail fuel rates. Petrol and diesel prices were first raised by Rs 3 per litre each on May 15, followed by a hike of 90 paise per litre on May 19. On May 23, petrol prices were increased by 87 paise per litre, while diesel rates were raised by 91 paise. Monday’s revision marked the fourth increase in under two weeks.

Following the latest hike, petrol prices in Delhi stood at Rs 102.12 per litre, while diesel was priced at Rs 95.20 per litre. In Mumbai, petrol cost Rs 111.21 per litre and diesel Rs 97.83 per litre. Kolkata saw petrol prices at Rs 113.51 per litre and diesel at Rs 99.82 per litre. In Chennai, petrol was priced at Rs 107.77 per litre, while diesel retailed at Rs 99.55 per litre.