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Hit by fuel price cut, India's oil marketing firms' shares slump over 20%

The price cut involved a reduction in excise duty of Rs 1.50 per litre by the government and a further cut of Rs 1 per litre by the state-owned oil marketing companies

Fuel Prices  |  Oil Marketing Companies  |  Share Market

Reuters  |  Mumbai 

Shares in India's state-owned oil marketing companies slumped more than 20 per cent to multi-year lows on Friday, a day after the government announced a cut in fuel prices that is expected to hit the state and the oil marketers. The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government. Petrol prices were regulated until 2012, while diesel prices remained so until 2014. The government on Thursday announced a 2.50 rupees-per-litre cut in the prices of gasoline and diesel to reduce ...

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First Published: Fri, October 05 2018. 11:30 IST