Hindustan Petroleum Corporation gained 2.83%. Indian Oil Corporation rose 2.57%, while Bharat Petroleum Corporation advanced 2.53%.

Petrol and diesel prices were increased by around 90 paise per litre. The move follows Friday’s fuel price hike of up to Rs 3 per litre.

The consecutive hikes are expected to support the margins of oil marketing companies, which have been under pressure due to elevated crude oil prices.

Global oil prices have remained firm amid geopolitical tensions in West Asia and disruptions around the Strait of Hormuz, a key route for global oil shipments.

Crude prices have largely stayed above the $100-per-barrel mark after crossing the level earlier this year.