New Delhi

Shares of oil marketing companies surged on Monday, with HPCL climbing nearly 6 per cent, following a fresh hike in petrol and diesel prices.

The stock of Hindustan Petroleum Corporation Ltd (HPCL) jumped 5.86 per cent to hit the day's high of Rs 412.55 on the BSE.

Shares of Bharat Petroleum Corporation Ltd (BPCL) climbed 4.55 per cent to Rs 309.

Indian Oil Corporation (IOC) rallied 4.15 per cent to Rs 145.30.

Petrol and diesel prices were raised by Rs 2.61-2.71 per litre on Monday, marking the fourth increase in less than two weeks, as state-owned fuel retailers continued to pass on rising international oil prices to consumers.

With the latest revision, cumulative increases in petrol and diesel prices have nearly touched Rs 7.5 per litre since fuel price revisions resumed on May 15 after a prolonged freeze, stoking concerns over inflationary pressures and higher transportation costs across the economy.

The latest revision pushed petrol prices higher by Rs 2.61 per litre and diesel by Rs 2.71, according to industry sources.

State-owned Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd together control 90 per cent of India's fuel market.

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The back-to-back increases come after global crude oil prices surged more than 50 per cent since late February following US-Israeli strikes on Iran and disruptions to shipments through the Strait of Hormuz, a critical global oil transit route.

Fuel retailers had in the first two-and-half-months of the conflict kept pump prices low despite rising input costs, a move the government said was aimed at shielding consumers from inflation. Opposition parties, however, accused the government of delaying price revisions until after key state elections.