Higher crude lifts Indian upstream oil cos, drags refiners

Oil India

12/06/2025 06:04

Updates with share moves of Indian oil refiners

** Shares of Indian upstream oil cos rise, refiners decline

** ONGC ONGC.NS up 2%, Oil India OILI.NS moves 3% higher

** Indian Oil IOC.NS down 2.3%, BPCL BPCL.NS and HPCL HPCL.NS fall around 4%

** Oil prices ticked up to their highest in more than two months on worries tensions between the U.S. and Iran may escalate

** Rise in crude prices fetches upstream cos higher selling prices of oil and is a potential positive for upstream oil cos

** But, a rise in crude prices is negative for refiners who process the raw material

** YTD ONGC and OILI up 3.4% and 8%, respectively

** So far in 2025, BPCL and IOC up 10% and 4% respectively, HPCL down ~3%

 (Reporting by Hritam Mukherjee in Bengaluru)

 ((Hritam.Mukherjee@thomsonreuters.com;))