Oil marketing companies (OMCs) climbed in Monday's trade after the government announced a hike in fuel duties and LPG prices.
The Ministry of Finance increased the excise duty on petrol and diesel by Rs 2 per litre, while the price of cooking gas cylinders was raised by Rs 50, effective Tuesday. The hike applies to all categories, including subsidised LPG refills.Defending the decision, Petroleum Minister Hardeep Singh Puri stated that the duty hikes were meant to compensate OMCs for selling LPG at a loss. Puri also took a political swipe, pointing to price disparities between "BJP States" and "non-BJP States", attributing the difference to higher state-level levies in non-BJP-ruled regions.
Reacting to the announcement, shares of key OMCs witnessed an uptick: Hindustan Petroleum Corporation jumped 2.55%, Bharat Petroleum Corporation gained 2.5%, and Indian Oil Corporation (IOC) rose 1.5%.
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