Three PSU OMCs fell 1.76% to 3.37% at 14:48 IST on BSE on reports that the government hiked excise duty on petrol and diesel effective tonight.
BPCL (down 3.37%), Indian Oil Corporation (down 2.28%), and HPCL (down 1.76%) edged lower.
Meanwhile, the S&P BSE Sensex was down 59.35 points or 0.21% at 28,500.27.
As per reports, the government hiked excise duty on petrol by Rs 2.25 per litre and on diesel by Re 1 a litre effective tonight. However, higher duties are unlikely to be passed on to consumers, reports added. This may impact margins of oil marketing firms, as per reports.
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