HPCL, BPCL jump up to 9% as oil prices take a beating
Oil marketing companies jumped in Monday’s trade as crude oil plunged about 25 per cent after Saudi Arabia slashed prices and set plans for a big increase in crude production in April.
Hindustan Petroleum gained 8.56 per cent to Rs 218.05, Bharat Petroleum 5.18 per cent to Rs 423.70 while Indian Oil gained 1.98 per cent to Rs 102.
On the other hand, oil explorer ONGCNSE -11.64 % plunged 10.28 per cent to Rs 78.20 and Reliance Industries tumbled 7.29 per cent to Rs 1,177.40.
Oil prices fell as much as 31 per cent following the Saudi move to start a price war after Russia balked at further making steep output cuts proposed by Opec to stabilize oil markets hit by worries over the global spread of the coronavirus.
