Indian Oil, BPCL, HPCL shares: OMCs soar over 3% as govt hikes petrol, diesel prices again

Petrol and diesel prices were hiked by about 90 paise per litre on Tuesday, after state-run oil firms ended a nearly four-year freeze on revisions.

Last week, on May 15, petrol and diesel prices were raised by ₹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.

Global crude prices have surged more than 50% 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.

Despite the surge, retail fuel rates were kept frozen at two-year-old rates until the hike on May 15.

How OMC stocks are performing

Shares of IOCL climbed as much as 3.15% to hit an intraday high of ₹135.95 per unit on the National Stock Exchange (NSE) on Tuesday, as against the closing price of ₹131.81 apiece in the previous session.

At around 11:26 AM, the scrip was trading 2.95% higher at ₹135.70 per equity share.

Besides the fuel hike, the stock surged on the back of its earnings announcement for the fourth quarter of the 2025-26 financial year (Q4 FY26). The state-run oil refining giant reported a 78% year-on-year (YoY) increase in its consolidated net profit to ₹14,458 crore.

In the same period of the preceding year, it had logged a profit of ₹8,123 crore, according to a regulatory filing.

Indian Oil’s revenue from core operations rose 7% to over ₹2.36 lakh crore in the fourth quarter, compared with around ₹2.06 lakh crore in the same quarter last year.

The stock of HPCL soared 3.5% to touch the session’s peak of ₹371.45 per equity share on the NSE on May 19, compared to the previous closing price of ₹358.90 per unit.

At the time of writing, the share was trading 3.33% higher at ₹370.85 apiece. However, on a year-to-date basis, it has fallen 26%.

BPCL shares gained as much as 3.2% to hit an intraday high of ₹289.80 per unit on the NSE on Tuesday, in comparison with the previous closing price of ₹280.80 apiece.

At the time of writing, the stock was trading 2.67% higher at ₹288.30 per equity share. It has lost 8% over the month and 24% on a year-to-date basis.

The company is set to announce its earnings for the latest March quarter today.

Global crude oil prices

Brent crude oil futures for delivery in July fell 2.7% to an intraday low of $109.1 per barrel (bbl) on Tuesday, after US President Donald Trump called off the planned military strike on Iran, signalling that the United States is positioned to execute a full assault, if needed.

In a Truth Social post, Trump said that his move to call off today’s attack comes after Saudi Arabia, the United Arab Emirates, and Qatar urged Western leaders to hold off their planned strike, citing that serious negotiations are taking place for potential peace.

However, the contract has continued to hover over the 109 per bbl mark. In the previous trading session, it closed at $112.10 per bbl.

West Texas Intermediate (WTI) contract for expiry in June declined as much as 1.74% to an intraday low of $106.76 per bbl, compared to the closing price of $108.66 per bbl in the previous session.