scorecardresearchONGC shares jump 5% as petrol, diesel and LPG prices rise

ONGC shares jump 5% as petrol, diesel and LPG prices rise

Updated: 22 Mar 2022, 10:33 AM IST
TL;DR.
The stock rose as much as 5 percent to its day's high of 181.15 on the BSE. At 10:30 am, the stock was up 3.6 percent at 178.75.
The stock rose as much as 5 percent to its day's high of  <span class='webrupee'>₹</span>181.15 on the BSE. At 10:30 am, the stock was up 3.6 percent at  <span class='webrupee'>₹</span>178.75.

The stock rose as much as 5 percent to its day's high of 181.15 on the BSE. At 10:30 am, the stock was up 3.6 percent at 178.75.

Shares of Oil and Natural Gas Corporation (ONGC) jumped 5 percent on Tuesday after fuel prices were hiked in the country for the first time since November 2021.

The stock rose as much as 5 percent to its day's high of 181.15 on the BSE. At 10:30 am, the stock was up 3.6 percent at 178.75. In comparison, the benchmark Sensex was down 0.4 percent or 242 points at 57,050.

Petrol and diesel prices on Tuesday were hiked by 80 paise a litre each while domestic cooking gas prices were increased by 50 per cylinder, ending an over four and half month hiatus in rate revision.

While LPG rates were last revised on October 6, petrol and diesel prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab.

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ONGC share price chart since November 2021.

Meanwhile, Crude oil prices also with Brent crude jumped to $114 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.

Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden in a series of summits that aims to harden the West's response to Moscow over its invasion of Ukraine, reported Reuters.

Back home, fuel prices have been on a freeze since then despite the cost of raw materials spiraling. Global crude oil prices were around $ 81-82 a barrel in early November as against $114 now.

 An average of 26 analysts polled by MintGenie have a 'buy' call on the stock.

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First Published: 22 Mar 2022, 10:33 AM IST