On May 15, shares of major Indian oil marketing companies—Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL), and Indian Oil Corporation (IOCL)—experienced significant declines despite a recent hike in petrol and diesel prices by approximately ₹3 per litre. HPCL shares fell by 2.33% to ₹368.75, BPCL by 1.4% to ₹291, and IOCL by over 1% to ₹138.64. This price adjustment comes as petrol and diesel rates in major cities like New Delhi, Kolkata, and Chennai have increased, with petrol now costing ₹97.77 and ₹90.67 per litre, respectively. Analysts, including G Chokkalingam from Equinomics Research, argue that the increase is insufficient to offset the substantial losses OMCs have been incurring—approximately ₹20 per litre on petrol and nearly ₹100 per litre on diesel due to rising global crude prices. Deven Choksey from DRChoksey FinServ echoed this sentiment, suggesting that the current price hike is more of a temporary measure to mitigate losses rather than a long-term solution. The volatility of global oil prices, which recently surged above $120 per barrel, continues to pose challenges for these companies, with Brent crude currently priced around $107 per barrel. As India adjusts fuel prices, the government faces the challenge of balancing public sentiment with the financial health of these corporations.