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.
Companies overcome global headwinds and domestic challenges to ride the growth train.
Given a weak global macro outlook, reports indicate crude prices will stay sanguine in the $75-85 range for the year
Despite a steady fall in global crude oil prices, fuel prices have not reduced for retail customers in India since last year
India's public sector oil companies will set up 7,432 public fast charging stations across the country.
India's windfall tax on exports of locally-produced oil has helped reduce the state-owned refining and marketing companies' marketing losses, says Moody's.
The recent fall in international crude and product prices has helped state-owned OMCs to narrow their marketing losses.
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.
Fuel retailers kept petrol and diesel prices on hold for 137 days despite crude oil prices increasing by nearly $27 per barrel.
Petrol and diesel prices have been stagnant for the past 120 days, even as crude oil prices continue to rise. Meanwhile, OMCs' margins suffer the consequences.