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Informist, Friday, May. 15, 2026

MUMBAI – Shares of oil and gas companies are likely to fall next week, even as analysts expect oil marketing companies to see some relief in margins following the retail fuel price hike. On Friday, the Nifty Oil & Gas ended 1.6% lower at 11250.70 points after oil companies announced the price hike.    

Support for the Nifty Oil & Gas is expected at 11200 points, while resistance is pegged at around 11500 points, said Vatsal Bhuva, a technical and derivatives analyst at LKP Securities. "The index is currently trading below all crucial short-term and mid-term moving averages, reflecting sustained selling pressure," Bhuva said. He added that, technically, the outlook for the sectoral index remains bearish. Hindustan Petroleum Corp., Bharat Petroleum, Reliance Industries, and Oil and Natural Gas Corp. are expected to underperform next week, Bhuva said.   

On Friday, Indian Oil Corp. hiked petrol and diesel retail prices, ending weeks of speculation. In Delhi, the company raised petrol and diesel prices by INR 3 per litre to INR 97.77 per litre and INR 90.67 per litre, respectively.

The hike, though below expectations, will provide some relief to oil marketing companies, according to Swarnendhu Bhushan, co-head of research at Prabhudas Lilladher. Bhushan said the market had expected a hike of INR 5 per litre. Following the INR 3-per-litre hike, the under-recovery on petrol will be INR 8 per litre, and on diesel at INR 11 per litre, Bhushan said. Going forward, Bhushan expects another INR 2-per-litre hike, which is likely to benefit oil marketing companies in the long term. 

Hindustan Petroleum Corp. management, in a post-earnings conference call, said it expects a net loss in the June quarter due to high crude oil prices. On Friday, shares of major oil marketing companies, HPCL, BPCL, and IOC, ended 3-4% lower and were the worst-hit stocks in the Nifty Oil & Gas index.     

TOP HEADLINES

* Maharashtra govt cuts value-added tax on ATF to 7% from 18% earlier
* Fuel price hike to push CPI inflation higher by 15 bps, says Barclays
* EIA says US natural gas stocks up 85 bcf in week ended May 8
* IOC hikes petrol, diesel prices by INR 3/ltr in Delhi; petrol now INR 97.77
* OPEC cuts 2026 global crude oil demand growth forecast to 1.2 mln bpd
* EIA sees Brent crude prices falling to $89/bbl Oct-Dec, $79/bbl in 2027
* OMCs turn to CPs as firm crude hits margins, borrowing via bonds not ruled out
* Time to stock up India's strategic oil reserves, says Oil Minister Puri
* India must up oil exploration, production amid energy crises, says oil secy
* PSU oil cos' Q1 loss may touch INR 1.2 tln, govt committed to protect: Source
* Cut petrol, diesel use to save FX reserves amid energy crises, says PM Modi
* Govt bearing hit of INR 140 bln/month shielding oil PSUs, consumers
 

The following are the resistance and support levels for key oil stocks for next week, as per calculations based on their prices on the National Stock Exchange:

End

US$1 = INR 95.9650

Reported by Adhithya Aji

Edited by Saji George Titus

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