bharat petroleum

Indian oil company stocks surged up to 6% on Monday following a government fuel price hike. This rally was further boosted by a significant drop in global crude prices, driven by easing US-Iran tensions and hopes for the reopening of the Strait of Hormuz. Brent and WTI crude futures saw substantial declines, marking their lowest levels in two weeks.

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Fuel prices saw another increase today. Petrol and diesel costs rose by less than one rupee per litre. This is the third price hike this month. The government aims to cover losses from higher crude oil prices. Global crude oil rates have climbed due to the Iran conflict. Consumers are facing rising fuel expenses again.

State-run oil companies assure uninterrupted fuel and LPG supplies nationwide despite Middle East tensions. Adequate stocks are confirmed, with no system shortages. Companies urge consumers to avoid panic buying, citing temporary pressure at select outlets due to demand shifts and seasonal factors. India remains well-supplied with petroleum products.

President Droupadi Murmu will present 66 Padma Awards today, including two Padma Vibhushan and six Padma Bhushan honours, at Rashtrapati Bhawan. This marks the first phase of conferring the nation's highest civilian honours for 2026. A total of 131 Padma Awards have been approved this year, recognizing exceptional service across various fields.

Hero MotoCorp is launching its first flex-fuel motorcycle in India on June 3, a significant move towards alternative fuel mobility. This ethanol-powered model, potentially based on the Splendor or HF Deluxe, will run on petrol and higher ethanol blends. The launch will be attended by Union Ministers Nitin Gadkari and Hardeep Singh Puri.

Fuel prices have seen another significant jump, with petrol and diesel costs rising by Rs 2.61 and Rs 2.71 per litre respectively. This marks the fourth increase in under two weeks, pushing cumulative hikes close to Rs 7.5 per litre. Consumers face mounting pressure as import costs climb due to global crude oil prices and a weaker rupee.

The NCP (Sharadchandra Pawar) has slammed the BJP's fuel conservation efforts as mere "publicity" and questioned the Centre's pricing policy. The party argues that symbolic austerity measures won't lower prices, while citizens bear the brunt of rising fuel costs and oil company profits remain high. They demand an all-party meeting on energy security.

Fuel retailers face mounting losses as global energy disruptions persist, potentially forcing further petrol and diesel price hikes. BPCL director Raj Kumar Dubey indicated limited options for policymakers, including price increases or government funding. India is diversifying oil sources and accelerating its push towards green energy to mitigate these challenges.

Fuel prices have risen sharply, adding to household expenses and transportation costs. This surge, driven by global events, is straining supply chains and impacting everyday goods. Oil marketing companies are seeing stock gains. The government faces a balancing act between consumer relief and revenue. The economic outlook remains a focus amidst these challenges.