New Delhi, April 13 -- The oil marketing companies (OMCs) are in focus lately amid the surging crude oil prices following the closure of the Strait of Hormuz amid the ongoing US-Iran war. Shares of three PSU oil refiners have plunged 18-32% in the March quarter as investors assessed the impact of higher crude oil on their earnings, especially as the government focuses on cushioning the general public.

The US-Iran war, which began in the last quarter of the March fiscal, has clouded the earnings outlook for the companies in the oil and gas sector, with downstream players like Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (HPCL) the worst hit.

The earnings of OMCs in ...