HPCL, BPCL, IOC Shares Surge Following Crude Oil Price Drop
Shares of oil marketing companies including Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), and Indian Oil Corporation Limited (IOCL) rose up to three percent as crude oil prices fell below one hundred dollars per barrel.Government Excise Duty Reduction Fuels Rally
The rally in OMC shares is attributed to a reduction in the special additional excise duty on petrol and diesel. The Department of Revenue under the Ministry of Finance cut the excise on petrol to Rs 3 from Rs 13 per litre and on diesel to nil from Rs 10 per litre, as per a gazette notification issued late Thursday.Market Sentiment Boosted by Potential US-Iran Ceasefire
Reports of a possible US-Iran ceasefire have also contributed to the positive market sentiment, raising hopes for a resumption of oil exports from the Persian Gulf.Stock Performance
- Hindustan Petroleum Corp Ltd. shares rose 2.47% on Friday, trading at Rs 352.50 intraday.
- Bharat Petroleum Corporation Ltd. (BPCL) shares rose 2.90% with the stock trading at Rs 292.80 intraday.
- Indian Oil Corporation Ltd. shares surged 1.15%
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