New Delhi, March 6 -- Shares of Indian oil marketing companies (OMCs) surged on March 6, as Brent crude oil prices fell below the $70 per barrel mark, hitting their lowest level in three years. The decline in oil prices sparked a rally in Bharat Petroleum Corporation Ltd. (BPCL), Hindustan Petroleum Corporation Ltd. (HPCL), and Indian Oil Corporation Ltd. (IOC), sending their stocks up to 5 per cent higher.

BPCL climbed 3.2 per cent to a high of Rs.264.20, HPCL surged 4.8 per cent to Rs.342.30, and IOC advanced 3.7 per cent to Rs.126.75 on the BSE.

The drop in crude prices came as OPEC+ announced plans to gradually reverse its voluntary production cuts. The oil-producing alliance aims to add back 2.2 million barrels per day (mbpd) of cr...