Growing economy and population growth are the main drivers for oil & gas demand, increasing every year in India. Import content in oil & gas sector is in the range of 15% for refinery to 67% for upstream. In the country, the oil and gas sector is highly liberalized to attract private investment and to increase domestic production. A number of policy reforms have been taken by the Government to remove obstacles to investment and incentivize oil and gas sector on the lines of ease of doing business, minimum government maximum governance and promote Make¬ in India initiative. Oil and gas prices fluctuate on a minute by minute basis, taking a look at the historical price range is the first place you should look. This study is an empirical attempt made to analyse the relationship between the volume of trade with the corresponding share price movements in the selected oil and gas companies in India applying the Granger Causality Test.