hpcl bpcl indian oil share price gain up to 7 per cent anil singhvi view

Shares of state-run oil marketing companies, including Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation (IOC) surged up to 7 per cent in Monday’s trade as crude price touched the lowest level since January 2021.

At around 11:47 am, shares of HPCL after soaring over 7 per cent intra-day were up nearly 7 per cent at Rs 411.45, while BPCL shares traded with gains of over 4 per cent at Rs 324.1. In intra-day trade, the stock scaled the day’s high of Rs 325.9 apiece on the BSE.

Meanwhile, shares of IOC were up as much as 3.8 per cent at Rs 148.85 per share.

Why crude oil prices are falling?

Crude oil prices fell significantly on Monday (May 5, 2025) after the group of oil producers- OPEC+ approved an increase in crude output. Primarily, the over-supply concerns have weighed on the commodity’s price after OPEC+ members on Saturday announced a 411,000 barrel increase in output per day.

Amid the US President Donald Trump’s tariff turbulence, crude price has already been sliding amid fears of a global economic slowdown.

Brent crude futures dropped $2.04 a barrel, or 3.33 per cent, to $59.25 a barrel by 2240 GMT while U.S. West Texas Intermediate crude was at $56.19 a barrel, down $2.10, or 3.60 per cent.

Analysts believe the oil market has just been hit with a bombshell by OPEC+.

Anil Singhvi views on oil prices sliding sharply today

Zee Business Managing Editor Anil Singhvi believes the decline in oil prices is very positive for the Indian economy as India imports most of its oil requirement. Further, it will strengthen the domestic currency rupee which in today’s trade opened at 84.4 per US dollar.

Singhvi added that our target of $55-60 for crude for this year has been achieved.