HPCL, BPCL, IOC and aviation stocks tumble as global crude oil price surges

While paints and adhesive players too will see some margin pressure, upstream companies like ONGC, OIL India and GAIL are seen as beneficiaries

The spike in global crude oil prices, led by the largest-ever disruption at Saudi Arabia’s crude oil production facilities, was bound to send ripples for India’s oil & gas players as well as those whose fortunes are linked to oil price movement such as aviation companies. 

The Brent crude oil price spiked by almost 20 per cent intra-day (about $12) to $71.95 a barrel before slipping a bit to $67 levels on Monday evening (6 pm India time), compared to a close of $59.73 on Friday.

Stock prices of oil marketing companies (OMCs) such as Hindustan Petroleum (HPCL), Bharat Petroleum