Shares of oil marketing companies, including BPCL and HPCL, ended higher on Monday.

New Delhi, May 25 (PTI) Shares of oil marketing companies, including BPCL and HPCL, ended higher on Monday, following a sharp correction in crude oil prices and a fresh hike in petrol and diesel prices. Brent crude, the primary benchmark for global oil prices, fell more than 5 per cent after the US and Iran agreed in principle to reopen the Strait of Hormuz. Shares of Bharat Petroleum Corporation Ltd (BPCL) climbed 4.30 per cent to end at Rs 308.25 on the BSE. During the day, the stock advanced 4.55 per cent to hit an intraday high of Rs 309. Hindustan Petroleum Corporation Ltd (HPCL) stock settled at Rs 403.40, up 3.52 per cent, on the BSE. During the day, it jumped 5.86 per cent to hit the day’s high of Rs 412.55. Indian Oil Corporation (IOC) rallied 3.15 per cent to Rs 143.90. Intraday, the company’s stock advanced 4.15 per cent to Rs 145.30. “At the sectoral level, oil marketing companies (OMCs) continued witnessing strong momentum following recent petrol and diesel price hikes. Stocks such as IOC, BPCL, and HPCL gained sharply as higher retail fuel prices, combined with moderating global crude oil costs, significantly improved near-term refining and marketing margin expectations," said Hariprasad K, Research Analyst and Founder, Livelong Wealth. Brent crude, the global oil benchmark, tanked 5.53 per cent to USD 97.81 per barrel. Petrol prices were raised by Rs 2.61 a litre and diesel by Rs 2.71 on Monday, the fourth increase in less than two weeks that extended a delayed pass-through of soaring global crude oil costs triggered by the Iran conflict. The latest increase took cumulative hikes since May 15 to nearly Rs 7.5 per litre. The hike came as global oil prices fell sharply amid hopes of a potential deal to end the US-Israel war on Iran. Global crude oil prices had surged more than 50 per cent since late February following US-Israeli strikes on Iran and disruptions to shipping through the Strait of Hormuz, a key global oil transit route. State-run retailers had delayed passing on higher input costs for weeks, a move the government said was intended to shield consumers from inflation. Opposition parties, however, accused the administration of holding back price increases until after key state elections. Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd together control 90 per cent of India’s fuel market. PTI SUM SHM

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