OMC, tyre, paint, among other stocks in focus on March 15 after govt lifts 2-year long freeze on petrol, diesel prices
₹2 per litre across all states. The fuel price reduction comes one week after cooking gas or LPG (liquified petroleum gas) prices were slashed by ₹100 per cylinder ahead of the schedule announcement of Lok Sabha elections 2024. State-run oil refiners such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL), and Hindustan Petroleum Corp Ltd (HPCL) and oil explorers such as Oil and Natural Gas Corp (ONGC), Oil India, and others may witness a slide in their respective stocks as the reduction in retail rates passed on to consumers may hurt the refining margins and inventories of the companies.
Similarly, aviation stocks such as SpiceJet, InterGlobe Aviation, and others may respond to a cut in jet fuel prices, if a further reduction is announced. Lower crude oil prices can help in higher load factor for airlines, which may boost their stock prices. Tyre, logistics, fast-moving consumer goods (FMCG) and paint stocks such as Castrol India, Dabur, MRF, Hindustan Unilever Ltd (HUL), Berger Paints, JK Tyre & Industries, Asian Paints, CEAT, among others may also respond to the reduction in fuel prices.
Crude oil derivate is used as inputs for manufacturing paints, lubricants, and rubber. In the national capital Delhi, the retail price of a litre of petrol and diesel will both fall by ₹2 to ₹94.72 and ₹87.62 respectively, the oil and petroleum ministry said in a post on social media platform X. In Mumbai, petrol will cost ₹104.21 per litre from Friday, ₹103.94 in Kolkata and ₹100.75 in Chennai.
A litre of diesel will be priced at ₹92.15 in Mumbai, ₹90.76 in Kolkata and ₹92.34 in Chennai. The price reductions will vary from state to state due to value-added tax (VAT). The new prices will be effective from 6 am on Friday, the
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