image sourced from original article at Shares of major state-run oil marketing companies surged up to 6 percent on Monday after the government raised petrol and diesel prices for the fourth time in ten days. Petrol prices were increased by Rs 2.61 per litre and diesel by Rs 2.71 per litre, boosting investor sentiment.
Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, and Bharat Petroleum Corporation Limited posted strong gains during the session. The rally was also supported by a broader improvement in market mood as global crude oil prices slipped to a two-week low.
Brent crude fell more than 4 percent to below 99 dollars per barrel, while West Texas Intermediate crude dropped nearly 5 percent to about 92 dollars per barrel. The decline followed signs of easing tensions between the United States and Iran, including progress toward a possible peace understanding and expectations of the reopening of the Strait of Hormuz, which had faced disruptions amid the ongoing Middle East conflict.
