Indian oil companies, including Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), Oil and Natural Gas Corporation (ONGC), and Reliance Industries shares will be in focus today after the US President Donald Trump issued a fresh tariff threat on countries importing Venezuelan oil. The 25% “secondary tariff” could impact India’s oil trade, particularly as the country has been increasing its Venezuelan oil imports, a strategy that has now put these companies under the microscope.
On March 24, 2025, former U.S. President Donald Trump announced the tariff, which will take effect on April 2. The move targets Venezuela’s major oil customers, including India and China, and could lead to increased import costs and retaliatory tariffs on goods from these countries. India, which became the top buyer of Venezuelan crude in 2023-2024, has been actively seeking to diversify its oil sources, and the threat of additional costs on oil imports is now putting pressure on Indian refiners.
Among the companies affected, Reliance Industries stands out. The conglomerate secured U.S. approval to import Venezuelan oil in 2023, playing a significant role in India’s Venezuela-bound shipments. Other state-owned entities like IOC, HPCL, BPCL, and ONGC have also been part of India’s efforts to tap into Venezuelan crude amidst sanctions on the South American country.
With the new tariff set to disrupt the global energy market, investors are keeping a close watch on how this will affect Indian oil stocks. The move could lead to market volatility for these companies, especially as India looks for alternative oil suppliers to mitigate potential price hikes and trade challenges.
