IOC, BPCL, HPCL Gain Up to 3.5% as Crude Retreat Lifts OMC Stocks

Mumbai | 15 June 2026 

Shares of Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC), and Bharat Petroleum Corporation (BPCL) advanced on Monday as Brent crude, the global oil benchmark, fell 4.55% to $83.36 per barrel. The decline followed confirmation that the United States and Iran had finalised a deal to end their 107-day war, with a formal signing scheduled for 19 June in Switzerland. 

How Did OMC Stocks Close on Monday? 

HPCL was the top gainer among the three, closing 3.45% higher at ₹402.30. BPCL advanced 2.86% to ₹311.00, while IOC gained 2.39% to close at ₹144.31. The rally reflected improved sentiment across the sector as crude prices retreated from the elevated levels seen during the conflict. 

Why Does the Strait of Hormuz Matter for India? 

The US-Iran agreement includes the reopening of the Strait of Hormuz, the narrow waterway between Iran and Oman through which roughly one-fifth of global oil consumption passes. The strait serves as the primary export route for major Gulf producers including Saudi Arabia, Iraq, Kuwait, the United Arab Emirates, and Qatar, all of which are key energy suppliers to India. 

India imports more than 85% of its crude oil requirements. Prior to the conflict, more than half of those imports were sourced from Gulf producers whose exports transit the strait. The country was also 60% import-dependent for LPG, with 90% of that supply routed through Hormuz. For natural gas, India met half its requirements through imports, with 65% sourced from Qatar and the UAE. The war disrupted LPG supplies and natural gas flows from Qatar, India’s largest liquefied natural gas supplier. 

What Is the Broader Impact on Fuel Costs? 

Global oil prices had risen to as high as $119 per barrel at the peak of war-related disruption, up from $70-72 per barrel in February. The elevated crude costs increased the expense of producing petrol and diesel domestically. The government cut excise duty on petrol and diesel by ₹10 per litre on 27 March, followed by a retail price increase of approximately ₹7.50 per litre each. Despite these adjustments, state-owned oil companies have continued to lose approximately ₹650 crore per day as retail rates have lagged production costs. 

Outlook 

A sustained decline in crude prices, supported by the reopening of the Strait of Hormuz, would ease pressure on OMC margins, domestic inflation, and India’s trade deficit. The formal signing of the US-Iran agreement on 19 June remains the next key event for energy markets. 

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