India’s first petrol and diesel retail price increase since 2022 has not reassured investors. HPCL and BPCL shares fell up to 3% after a up to Rs 3 per litre adjustment that analysts say barely covers rising costs. With Brent crude above $100 and West Asia tensions persisting, ICRA estimates oil marketing companies could still lose about Rs 500 crore daily even after the hike, implying enormous quarterly under-recoveries and renewed pressure on government policy.
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