Oil marketing companies rally over 3 pc

Shares of oil marketing companies (OMCs), including HPCL and IOC, were trading higher on Tuesday after petrol and diesel prices were hiked by about 90 paise per litre, marking the second increase in fuel rates in less than a week. The stock of Hindustan Petroleum Corporation Ltd climbed 3.29 per cent, Indian Oil Corporation edged higher by 3.10 per cent, and Bharat Petroleum Corporation Ltd went up by 3 per cent on the BSE. Petrol and diesel prices were hiked by about 90 paise per litre on Tuesday, marking the second increase in fuel rates in less than a week after state-run oil firms ended a nearly four-year freeze on revisions. The increase pushed petrol prices in New Delhi to Rs 98.64 per litre from Rs 97.77, while diesel rose to Rs 91.58 from Rs 90.67, according to industry sources. On Friday, petrol and diesel prices were raised by Rs 3 per litre for the first time in more than four years, as surging global crude prices following the Iran war forced state-run fuel retailers to pass on part of their mounting losses after months of holding rates steady through key state elections. Rates vary across states due to differences in value-added tax. Global crude prices have surged more than 50 per cent since US-Israeli strikes on Iran on February 28 and Tehran's retaliation, disrupting flows through the Strait of Hormuz, a key artery for global oil shipments.

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