Shares of India’s oil marketing companies, Hindustan Petroleum Corporation Ltd. (HPCL), Bharat Petroleum Corporation Ltd. (BPCL) and Indian Oil Corporation Ltd. (IOC), will be in focus after the government has announced a cut to excise duty imposed on petrol and diesel.
The excise duty on petrol has been cut to ₹3 per liter from ₹13 per liter earlier, while the excise duty on diesel has been cut to Nil from ₹10 earlier.
Shares of HPCL, BPCL and IOC had ended 2.5%, 0.9% and 1.4% higher respectively. While HPCL shares had declined to a 52-week low this week, while those of BPCL and IOC are also down significantly from their 52-week high.
This is breaking news and will be updated with more.
