Finance Minister Arun Jaitley in press conference announced that the government has cut excise duty on petrol and diesel by Rs 1.50 per litre, while OMCs will absorb the cut of Re 1 per litre.
Shares of Oil marketing companies (OMCs) including HPCL, BPCL and IOC touched 52-week low after government cut excise on petrol and diesel by Rs 1.50, while OMC will absorb Re 1 cut.
Finance Minister Arun Jaitley in press conference announced that the government has cut excise duty on petrol and diesel by Rs 1.50 per litre, while OMCs will absorb the cut of Re 1 per litre.
Total benefit to customers on petrol & diesel prices is Rs 2.50/litre. Will write to state governments seeking cut of state tax by Rs 2.50/litre on fuel prices, he added.
The announcement comes after fuel prices have been consistently hitting record highs since mid-August. As of October 4, petrol prices jumped 14 paise to Rs 91.34 per litre in Mumbai.
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Jaitley attributed the price hike to international factors, primarily the rising cost of Brent crude oil prices, which touched $86 per barrel, the highest in four years.
Hindustan Petroleum Corporation was quoting at Rs 208.20, down Rs 43.15, or 17.17 percent. It has touched a 52-week low of Rs 208.20.
Bharat Petroleum Corporation was quoting at Rs 314.80, down Rs 62.65, or 16.60 percent. It has touched a 52-week low of Rs 310.
Indian Oil Corporation was quoting at Rs 135.00, down Rs 22.50, or 14.29 percent. It has touched a 52-week low of Rs 134.05.
At 15:27 hrs GAIL India was quoting at Rs 362.85, down Rs 18.75, or 4.91 percent.
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Posted by Rakesh Patil