Shares of IOCL, BPCL and HPCL are under pressure in trade on Friday even after announcing a Rs 3 per litre price hike on petrol and diesel. All three of these OMC shares are under pressure and trading losses of two percent or more.
HPCL shares have emerged as the biggest of loser of three, falling over 2% compared to Thursday's closing price. BPCL shares have fallen 1.7% while IOCL is trading with cuts of around 1.3%.
This is despite the fact that these OMCs issued a price hike of Rs 3 per litre on both petrol and diesel, a move that is expected to help them cut back on the massive losses incurred due to elevated crude prices since the start of the Iran war.
Recent comments by Petroleum Minister Hardeep Singh Puri have suggested that the OMCs are staring at a cumulative losses of Rs 1 - 1.2 lakh crore in the first quarter of FY27. This translates to a daily loss of more than Rs 1,000 crore.
However, the Rs 3/litre price hike, to that end, is expected to help these OMCs cut back on only Rs 125 crore per day, a far cry from the estimate daily loss of Rs 1,100-1,300 crore.
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