Petrol prices on Friday crossed the Rs-80 mark in Delhi as OMCs announced the 20th hike in a row. Petrol price was increased by 21 paise to Rs 80.13 per litre in Delhi. Diesel jumped by 17 paise
Meanwhile, OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July.
On Monday, both, HPCL and BPCL, had gained 13 per cent each in the intra-day session after oil prices had slumped to a 20-year low following an all-out oil war led by Saudi Arabia.
At 9:38 am, Brent Crude Futures were at $32.27/bbl, down 13 cents or 28.72 per cent, US WTI, on the other hand, was at $28.45/bbl-mark, down 12.83 cents or 31 per cent.
A technical outlook on Indian oil marketing companies (OMCs) amid US-Iran tensions
Iran's missile attacks on the Ain Al-Asad airbase and another in Erbil, Iraq, early Wednesday came hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears
US President Donald Trump has issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East.
The government plans to sell its majority stake in the oil marketeer which can help it raise over Rs 70,000 crore
Brent Crude Futures surged over 3 per cent to trade at $68.25 per barrel-mark. The West Texas Intermediate, too, gained 2.71 per cent to $62.84 per barrel.
With this, new players in the fuel-marketing space like Total, Adani, and Saudi Aramco -- and even super markets -- can open outlets for selling automobile fuel.
BPCL and HPCL surged 5 per cent each in the intra-day trade today, while IOC gained 3 per cent on the BSE in an otherwise weak market.
India is considering a plan to sell the nation's second-largest state refiner and fuel retailer to a global oil company, Bloomberg reported
If the deal goes through, an IOCL-BPCL merger will be the third mammoth amalgamation of state-owned companies, excluding banks.
Oil prices fell more than 4 per cent on Tuesday, even after OPEC and allies including Russia agreed to extend supply cuts until next March.
A sharp decline in stock price of six oil & gas companies have seen their combined market capitalisation fallingl by Rs 1.26 trillion in two days.