ONGC, HPCL, BPCL, IOC shares gain in weak market after petrol, diesel prices hiked after 4 months

Shares of oil market companies surged between 1 to 4 per cent on Tuesday after OMCs raised petrol and diesel prices by 80 paise per litre.

As on March 22, Nifty oil & gas and S&P BSE oil gas rose more than 4.5% in the past one week.

Shares of oil market companies surged between 1 to 4 per cent on Tuesday after OMCs raised petrol and diesel prices by 80 paise per litre. The hike in fuel prices came after nearly four months after it was last increased in November 2021. The surge in prices of these stocks also come after diesel prices for bulk consumers have been raised by around Rs 25 per litre following a 40% increase in worldwide oil prices due to the current Russia-Ukraine conflict.

Spike in crude prices were also visible in gains of oil and gas indices. As on March 22, Nifty oil & gas and S&P BSE oil gas rose more than 4.5% in the past one week.

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After the price hike was announced, shares of Oil & Natural Gas Corporation (ONGC) rose 4% to hit day's high of Rs 181.15 a share, Hindustan Petroleum Corporation Ltd (HPCL) were up nearly 2%, Indian Oil Corporation (IOC) gained more than 1 per cent to Rs 121.85 a share and Bharat petroleum Corporation Limited (BPCL) gained 1.5% to Rs 364 on the BSE.

Oil & Natural Gas Corporation Ltd. Hindustan Petroleum Corporation Ltd.

Of the four stocks, ONGC gained more than 60% in the past one year, while IOC gained 21%, HPCL rose around 19% and BPCL declined more than 15% during the same period.

Earlier, Petrol and diesel prices were on Tuesday hiked by 80 paise a litre while domestic cooking gas prices were increased by Rs 50 per cylinder.

Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel rates have gone up from Rs 86.67 per litre to Rs 87.47.

Simultaneously, the price of a non-subsidised LPG cylinder has been increased to Rs 949.50 for each 14.2-kg bottle in the national capital.

While LPG rates were last revised on October 6, 2021, petrol and diesel prices had been on a freeze since November 4.

Earlier, Oil prices extended gains on Tuesday as some European Union members discussed a potential oil embargo on Russia and attacks on Saudi facilities sent jitters through the market, said Reuters.

Front-month West Texas Intermediate futures were up $2.20, or 1.96%, to $114.32 a barrel on NYMEX and Brent futures were up $3.18, or 2.75%, to $118.80 a barrel on the Intercontinental Exchange at 0440 GMT.

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