Oil stocks tank up to 8% after cut in petrol, diesel prices; HPCL, BPCL, IOCL, GAIL, ONGC lead fall
OMCs have slashed petrol and diesel prices across the country by ₹2 per litre for the first time in two years since April 2022.
OMCs have slashed petrol and diesel prices across the country by ₹2 per litre for the first time in two years since April 2022.
State-owned oil marketing companies bore the brunt of high oil prices and suppressed marketing margins in FY23. Cheap Russian supply and softer crude oil prices may change the script in FY24.
HPCL shares have gained nearly 26% in the last ten sessions, inching close to its 52-week high of ₹309.85 touched on July 26, 2023.
Companies overcome global headwinds and domestic challenges to ride the growth train.
In total, the corporation will be investing $700 million in partnership with HPCL in three strategic areas
Indian state-owned oil and gas companies are investing significantly to increase capacities to boost the country's petrochemical supply.
Among other state-owned OMCs, Oil India, GAIL (India), ONGC shares surged up to 4% amid strong volume trade.
The oil company has secured an order from ONGC Petro Additions Ltd (OPaL) for supply of natural gas to their mega petrochemical complex at Dahej.
Levy on petrol, diesel, and aviation turbine fuel has been kept unchanged at zero
India's public sector oil companies will set up 7,432 public fast charging stations across the country.