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.
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OMCs Face Crude Shocks
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 are rallying for 10th straight session; here’s why
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.
India Inc.’S Corporate Scorecard
Companies overcome global headwinds and domestic challenges to ride the growth train.
Crude Pains for OMCs to Persist
Given a weak global macro outlook, reports indicate crude prices will stay sanguine in the $75-85 range for the year
Govt cuts windfall tax on crude; here’s how oil stocks reacted
Shares of ONGC, HPCL, and IOC rose up to 1%, while Adani Total Gas, Reliance Industries, and BPCL fell up to 1% on the BSE.
Will falling crude prices, improving marketing margins boost OMC stocks?
The recent fall in international crude and product prices has helped state-owned OMCs to narrow their marketing losses.
Sharp drop in crude oil prices poses upside risks for OMCs: Report
ICICI Securities has downgraded state-owned oil retailer HPCL to “REDUCE” from “ADD”, BPCL to “ADD” (from “BUY”), while it retained “BUY” call on IOCL.
Refining margins, inventory gains to mitigate OMCs' potential losses: Fitch
Fuel retailers kept petrol and diesel prices on hold for 137 days despite crude oil prices increasing by nearly $27 per barrel.
Fortune 500 India: Fuel mix — The metamorphosis of oil marketers
Oil-marketing companies are gearing up for a transition to non-fossil fuels by transforming into green energy companies selling biofuels and high-value chemicals.
