PSU OMC shares rally as crude oil prices tumble on hopes of US-Iran deal

Hindustan Petroleum Corporation rose 3.84%, while Bharat Petroleum Corporation gained 3.81% and Indian Oil Corporation climbed 3.51%.

In the commodities market, Brent crude for the July 2026 contract dropped 5.63% to $97.71 per barrel.

The sharp fall in crude prices also lifted broader market sentiment, with the Nifty 50 rising 1.13% to 23,987.75.

Lower crude oil prices typically benefit PSU oil retailers as domestic LPG and kerosene continue to be sold at regulated rates, easing pressure on marketing margins.

Meanwhile, petrol and diesel prices were increased by Rs 2.61-2.71 per litre on Monday, marking the fourth hike in less than two weeks, as state-owned fuel retailers continued passing on elevated global crude prices to consumers. With the latest revision, cumulative increases in petrol and diesel prices have nearly reached Rs 7.5 per litre since fuel price revisions resumed on 15 May 2026 after a prolonged freeze.

Powered by Capital Market - Live News