The recent increase of ₹3 per litre in petrol and diesel prices by Indian oil marketing companies (OMCs) is anticipated to be the first of several hikes, as analysts suggest that ongoing geopolitical tensions could lead to further adjustments. Jyotivardhan Jaipuria, founder of Valentis Advisors, indicated that while the hike was expected, its magnitude was less than anticipated. He noted that if the conflict in West Asia persists, OMCs may need to implement additional hikes. Analysts from Elara Capital highlighted that state-owned firms like Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) are particularly vulnerable, with potential earnings drops of 90-190% if crude prices remain elevated without corresponding retail price increases. The Nifty Oil & Gas index has fallen 6.7% since the conflict began, underperforming the broader Nifty 50 index, which declined by 5.9%. Technical indicators suggest that the Nifty index faces resistance near 23,800, with support around 23,500-23,400 levels, indicating potential volatility ahead.