Oil India Limited has announced a change in its Government Nominee Director position, as communicated to the National Stock Exchange and BSE Limited on 09.03.2026. The Maharatna CPSE under the Government of India has received approval from the Ministry of Petroleum & Natural Gas for this board-level change.

Director Change Details

The Ministry of Petroleum & Natural Gas, through letter no. CA-31022/1/2021-CA-PNG(37493) dated 09.03.2026, has communicated the competent authority's approval for the nomination change. The transition involves two key officials from the ministry.

Regulatory Compliance and Next Steps

Shri Rohit Mathur has ceased to be a Director of the company with immediate effect following the ministry's communication. The company's Board will induct Shri Bhupinder Kumar as Government Nominee Director in due course, ensuring compliance with applicable provisions.

The induction process will follow:

• Companies Act, 2013 requirements
• SEBI (LODR) Regulations, 2015 provisions
• Necessary disclosures post-induction

Corporate Governance Framework

As a Maharatna CPSE, Oil India Limited maintains Government Nominee Directors on its Board as part of its corporate governance structure. The notification was made under Regulation 30 of the SEBI (LODR) Regulations, 2015, ensuring transparency in board composition changes.

The company has informed both stock exchanges where its shares are listed, maintaining compliance with disclosure requirements. Company Secretary & Compliance Officer A.K. Sahoo signed the official communication to the exchanges, confirming the board change for investor records.

Global oil prices experienced significant upward movement in recent trading, with crude oil climbing over 2.85% to reach $83.7 per barrel. This price surge represents a notable development in energy markets, reflecting the ongoing volatility that characterizes crude oil trading.

Market Performance Overview

The oil market demonstrated strong bullish momentum with the substantial price increase. The following table summarizes the key market data:

Price Movement Analysis

The over 2.85% increase in oil prices represents a significant single-session movement for the commodity. Crude oil reaching the $83.7 per barrel mark indicates strong buying pressure in the market. This price level reflects the dynamic nature of energy commodity trading and the various factors that influence oil valuations.

Market Implications

The substantial price increase in crude oil has broader implications for energy markets and related sectors. Oil price movements of this magnitude typically influence:

• Energy sector companies and their operational costs
• Transportation and logistics industries
• Manufacturing sectors dependent on petroleum products
• Consumer fuel prices and related economic indicators

The current price level of $83.7 per barrel represents an important benchmark for market participants and industry observers tracking energy commodity trends.