Shares of leading oil marketing companies (OMCs) such as Reliance Industries Ltd (RIL), Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation Ltd (IOC) slipped in Monday's trade after Prime Minister Narendra Modi appealed to citizens to reduce fuel consumption and avoid unnecessary gold purchases.

He requested citizens to conserve fuel to help save foreign reserves, noting that gold and crude oil contribute significantly to India's import bill.

At last check, RIL shares were down 1.23 per cent at Rs 1,418, while BPCL traded 2.34 per cent lower at Rs 295.75. HPCL declined 2.65 per cent to Rs 376.75 and IOC fell 2.45 per cent to Rs 141.15.

The decline in OMC shares also came amid a sharp rise in global crude oil prices. Brent crude climbed above $105 per barrel due to the ongoing West Asia crisis.

Amid elevated crude oil prices and an energy crisis triggered by the US-Iran war, Modi called for collective participation to help the country withstand global economic uncertainties, supply chain disruptions and inflationary pressures.

He urged citizens to adopt what he described as "nationally responsible" lifestyle choices and promote the use of local products, asking, "how can the nation progress if we depend on imports for everything."

OMCs in India are currently absorbing under-recoveries estimated at more than Rs 30,000 crore every month on petrol, diesel and LPG sales due to elevated input costs and unchanged retail fuel prices.

During an Inter-Ministerial briefing in New Delhi on the West Asia crisis, Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas (MoPNG), highlighted the financial stress on fuel retailers.

"OMCs are buying Crude, LPG, and Natural Gas at very high levels," Sharma stated, adding that despite the global price spike, the government has ensured "uninterrupted supply to domestic households" and "no rationing of petrol or diesel."

However, with OMCs continuing to absorb rising input costs, concerns are growing over the sustainability of current retail fuel prices, weighing on investor sentiment in oil marketing stocks.