OMCs crack over 5% as government hikes excise duty on petrol, diesel

MUMBAI: Shares of oil marketing companies were witnessing selling pressure after the government announced hike in excise duty.

Excise duty on branded diesel is hiked to Rs 5.25 per litre from Rs 3.75 per litre while excise on branded petrol is hiked to Rs 3.85 per litre from Rs 2.35 per litre.

Excise duty on unbranded diesel is increased to Rs 2.96 per litre from Rs 1.46 per litre and excise duty on unbranded petrol is increased to Rs 2.70 per litre from Rs 1.20 per litre.

According to analysts, the oil marketing companies are expected to pass through the hike to customers after the recent cut in retail fuel prices.

At 02:30 p.m.; HPCL was down 5.21 per cent on the BSE at Rs 547. It plunged 5.25 per cent to touch intraday low of Rs 546.75.

BPCL was 4.62 per cent lower on the BSE at Rs 726.55. It fell 4.88 per cent to touch intraday low of Rs 726.

IOC slipped 2.84 per cent on the BSE at Rs 352.55. It declined 2.99 per cent to touch intraday low of Rs 351.50.