Stocks of oil marketing companies (OMCs) witnessed up to 8% decline on Friday following a Rs 2 per litre cut in prices of petrol and diesel, the first in nearly two years. The decision came ahead of the model code of conduct that is likely to kick in shortly. The top loser was Hindustan Petroleum … Read more
Shares of state-owned Oil India Limited (OIL) jumped nearly 8% to their 52-week high of Rs 318 on the NSE in Monday’s trade as international crude oil prices jumped more than $3 a barrel on Monday as the Israel-Hamas crisis deepened, raising supply concerns. Oil India shares were the top gainers in the Nifty Oil … Read more
While rating agency Fitch Ratings expects petroleum demand growth to pick up to 7-8 per cent in FY23 from 5 per cent in FY22, gross refining margins are seen declining. “Fitch expects core gross refining margins (GRMs) to moderate from the highs of 1QFY23 but remain close to mid-cycle levels in 2HFY23, benefitting from supportive … Read more