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What is the story about?
Shares of oil marketing companies (OMCs), aviation, travel and tourism-related companies such as Hindustan Petroleum Corporation, Bharat Petroleum Corporation, Indian Oil Corporation, InterGlobe Aviation, The Indian Hotels Company, Lemon Tree Hotels, Le Travenues Technology, BLS International, Yatra Online, among others, are expected to be in focus on Monday, May 11.
Prime Minister Narendra Modi on Sunday urged citizens to reduce fuel consumption and limit non-essential foreign travel amid the escalating West Asia conflict and disruptions around the Strait of Hormuz.
Addressing an event in Hyderabad yesterday, the Prime Minister appealed to the public to use petrol, diesel and cooking gas judiciously, calling it the "need of the hour" as geopolitical tensions threaten global energy supplies and India's import bill.
The advisory comes at a time when the Strait of Hormuz, a key global energy transit route, continues to face severe disruptions following the conflict involving Iran, Israel and the United States.
The choke point handles nearly one-fifth of the world's oil and natural gas trade, and the halt in vessel movement has sharply pushed up crude prices and freight costs globally.
PM Modi said India must reduce dependence on imported petroleum products to shield the economy from external shocks and preserve foreign exchange reserves.
He mentioned the government's ongoing efforts around solar energy, ethanol blending, LPG penetration and CNG infrastructure expansion as part of India's long-term energy security strategy.
As part of a broader appeal for economic prudence during the crisis, the Prime Minister urged citizens to avoid overseas travel for tourism and weddings over the next year and instead promote domestic tourism.
He also encouraged people to prioritise Made-in-India products, cut edible oil consumption, reduce the use of chemical fertilisers by 50%, and even reconsider gold purchases for one year.
He further suggested reviving work-from-home practices to help lower fuel consumption and ease pressure on energy imports.
The developments are major for state-run fuel retailers such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which are already facing mounting under-recoveries on the sale of petrol, diesel and LPG.
According to estimates, government-owned OMCs are absorbing losses of nearly ₹30,000 crore every month as retail fuel prices remain below import-linked costs.
India's crude oil basket, which averaged around $70 per barrel last year, climbed to more than $113 per barrel in April amid the ongoing supply disruptions.
Refiners have also faced higher expenses from emergency crude procurement, elevated shipping charges and rising insurance premiums.
Retail fuel prices have so far remained unchanged despite the surge in global crude. Petrol currently costs ₹94.77 per litre in Delhi, while diesel is priced at ₹87.67 per litre.
A 14.2-kg domestic LPG cylinder is retailing at ₹913 in the national capital, although prices vary across states due to local taxes.
Prime Minister Narendra Modi on Sunday urged citizens to reduce fuel consumption and limit non-essential foreign travel amid the escalating West Asia conflict and disruptions around the Strait of Hormuz.
Addressing an event in Hyderabad yesterday, the Prime Minister appealed to the public to use petrol, diesel and cooking gas judiciously, calling it the "need of the hour" as geopolitical tensions threaten global energy supplies and India's import bill.
The advisory comes at a time when the Strait of Hormuz, a key global energy transit route, continues to face severe disruptions following the conflict involving Iran, Israel and the United States.
The choke point handles nearly one-fifth of the world's oil and natural gas trade, and the halt in vessel movement has sharply pushed up crude prices and freight costs globally.
PM Modi said India must reduce dependence on imported petroleum products to shield the economy from external shocks and preserve foreign exchange reserves.
He mentioned the government's ongoing efforts around solar energy, ethanol blending, LPG penetration and CNG infrastructure expansion as part of India's long-term energy security strategy.
As part of a broader appeal for economic prudence during the crisis, the Prime Minister urged citizens to avoid overseas travel for tourism and weddings over the next year and instead promote domestic tourism.
He also encouraged people to prioritise Made-in-India products, cut edible oil consumption, reduce the use of chemical fertilisers by 50%, and even reconsider gold purchases for one year.
He further suggested reviving work-from-home practices to help lower fuel consumption and ease pressure on energy imports.
The developments are major for state-run fuel retailers such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which are already facing mounting under-recoveries on the sale of petrol, diesel and LPG.
According to estimates, government-owned OMCs are absorbing losses of nearly ₹30,000 crore every month as retail fuel prices remain below import-linked costs.
India's crude oil basket, which averaged around $70 per barrel last year, climbed to more than $113 per barrel in April amid the ongoing supply disruptions.
Refiners have also faced higher expenses from emergency crude procurement, elevated shipping charges and rising insurance premiums.
Retail fuel prices have so far remained unchanged despite the surge in global crude. Petrol currently costs ₹94.77 per litre in Delhi, while diesel is priced at ₹87.67 per litre.
A 14.2-kg domestic LPG cylinder is retailing at ₹913 in the national capital, although prices vary across states due to local taxes.
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