SynopsisOil marketing company shares fell on Friday. Petrol and diesel prices saw a modest increase. This hike aims to ease financial pressure on companies. Global crude oil prices remain high due to West Asia conflicts. Prime Minister Modi urged fuel conservation. Oil Minister Hardeep Singh Puri expressed concern over companies absorbing losses.Listen to this article in summarized formatETMarkets.comOil companies have increased petrol and diesel prices. This move comes amid global energy crisis and disruptions in the Strait of Hormuz.The shares of oil marketing companies including HPCL, BPCL and IOC declined upto 3% on Friday after lower-than-expected increase in petrol and diesel rates. The Centre has upped prices by up to Rs 3 per litre, effective immediately, amid prolonged disruption across the Strait of Hormuz.HPCL was the biggest laggard, down 3% to its day's low of Rs 376, followed by a 2% drop in BPCL share price to Rs 289 on the NSE. City gas distribution companies such as Mahanagar Gas, Indraprashta Gas, and Gujarat also edged lower, albeit marginally.Petrol will now be sold at Rs 97.77 per litre in the national capital after the price hike, while diesel prices have risen to Rs 90.67 per litre. Kolkata recorded the sharpest increase in petrol prices among the four metro cities, with rates climbing from Rs 3.29 to Rs 108.74 per litre. In Mumbai, petrol prices rose by Rs 3.14 to Rs 106.68 per litre, while Chennai saw an increase of Rs 2.83, taking the price to Rs 103.67 per litre.HPCL, BPCL and IOC shares have fallen as much as 24% in 2026 so far amid the escalating global energy crisis.Soaring oil pricesThe price hike is likely to provide some relief to OMCs, which have been facing mounting financial pressure as global crude oil prices remain elevated due to disruptions caused by the ongoing conflict in West Asia and the closure of the Strait of Hormuz — a narrow 33-kilometre waterway connecting the Persian Gulf with the Gulf of Oman that handles over 20% of the world’s daily oil and gas shipments.Oil prices crossed the crucial $100-per-barrel mark earlier this year following the outbreak of conflict in the oil-rich Middle East. After surging close to $130 per barrel, oil prices cooled somewhat but continue to remain comfortably above $100 per barrel. Brent crude rose more than 1% to trade at $107 per barrel, while WTI crude also gained over 1% to $102 per barrel.Sensex, Nifty today: Catch all the LIVE stock market action here PM Modi’s call to save fuelAmid the continuing cycle of escalation and de-escalation in the geopolitical conflict, investors were further rattled by Prime Minister Narendra Modi’s appeal to conserve energy, highlighting the depth of the war’s impact.Addressing a rally in Hyderabad, Modi urged citizens and public representatives to adopt “responsible living” and reduce dependence on imported fuel. “Patriotism is not only about the willingness to sacrifice one’s life on the border. In these times, it is about living responsibly and fulfilling our duties to the nation in our daily lives,” the Prime Minister said.He called for reduced petrol and diesel consumption through public transport, metro rail, carpooling, work-from-home practices, and greater adoption of electric vehicles. Modi also directed officials to include EVs in his convoy wherever feasible without making fresh purchases.How long can oil companies absorb losses?Oil Minister Hardeep Singh Puri on Tuesday acknowledged concerns about how long oil companies can continue absorbing losses from selling fuel below market rates to shield consumers from turmoil in global energy markets caused by the Iran conflict.“How long will the oil companies be able to take it? Frankly, that worries me,” Puri said at an industry conference.“I think the time has come — and everyone in the government I have spoken to shares this view — that we will need to stock up even more,” the minister said while raising questions over the optimal level of strategic oil reserves for a large energy consumer like India.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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