BPCL

Shares of major oil marketing companies continued to face selling pressure in early trade despite a nationwide increase of Rs 3 per litre in petrol and diesel prices. Investors remained cautious as the hike was seen as insufficient against the backdrop of persistently high global crude oil prices. Among the major OMC stocks, Bharat Petroleum Corporation Limited dropped 2.02 percent to Rs 289.05 during morning trade. Hindustan Petroleum Corporation Limited fell 2.17 percent to Rs 369.35, while Indian Oil Corporation Limited declined 1.65 percent to Rs 137.94. On May 15, oil marketing companies raised petrol and diesel prices by more than Rs 3 per litre across major cities, marking the first revision in fuel rates in over four years. The move comes as state-run fuel retailers continue to grapple with rising losses driven by elevated crude oil prices in the global market. The financial strain on fuel retailers has intensified in recent weeks. In a report published last month, brokerage firm Kotak Institutional Equities estimated that refiners were bearing an additional monthly burden of nearly Rs 27,000 crore due to sustained high crude prices.