Business news · Commodities · 07 Oct 2026
Standalone refiners rose sharply on a falling market. Chennai Petroleum closed 14.62% higher at Rs 1,611.70 and Mangalore Refinery and Petrochemicals gained 4.73% to Rs 182.85; explorer Hindustan Oil Exploration rose as much as 3.4%. Brent futures were up 0.95% at $101.54 a barrel and WTI at $89.66, with the report citing a hurricane approaching the US Gulf of Mexico, where about 15% of US crude is produced, Houthi attacks on Saudi Arabia and strained US-Iran relations.
Standalone refiners such as CPCL and MRPL earn the gross refining margin - the gap between crude and product prices - and have no retail pump network on which prices are held down, so a product-led rise in oil shows up in their earnings more directly. The same move is a cost for the oil marketing companies (IOC, BPCL, HPCL), which sell petrol and diesel at prices that do not move with crude, and for crude users such as airlines, paints and tyres. India imports most of its crude, so Brent above $100 also bears on the rupee and on inflation, the reason the RBI gave for raising rates today.
Reported by Business Today — “CPCL, MRPL shares surge up to 15%; why are these refiners gaining?” ↗ on 07 Oct 2026.
NSE stocks, from the last close on or before 07 Oct 2026 to the close on 15 Oct 2026.
| Sector | Stocks | Median move | Up | vs all stocks |
|---|---|---|---|---|
| Oil Gas & Consumable Fuels | 19 | -0.8% | 6 of 19 | +0.3 pts |
| All tracked stocks | 804 | -1.1% | 298 of 804 | — |
| Company | Then | Now | Move |
|---|---|---|---|
| Chennai Petroleum Corporation Ltd. CHENNPETRO | ₹1,612.3 | ₹1,444 | -10.4% |
| Mangalore Refinery & Petrochemicals Ltd. MRPL | ₹182.86 | ₹174.79 | -4.4% |
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