OMC shares drop after excise duty hike on petrol and diesel

Bharat Petroleum, Hindustan Petroleum and Indian Oil down nearly 3% each on BSE

Shares of all three listed state-owned oil marketing companies (OMC) witnessed selling pressure, falling nearly 3 per cent each on BSE after the government raised excise duty on petrol by Rs 2.25 a litre and on diesel by Re 1 a litre with immediate effect.

Bharat Petroleum Corporation dipped 3% to Rs 721, Hindustan Petroleum Corporation 2.8% to Rs 587 and Indian Oil Corporation 2.6% to Rs 351 on BSE at 1428 hours.

According to a Reuters report, the government on Tuesday raised factory gate duties on petrol by Rs 2.25 per litre and on diesel by Re 1 a litre with immediate effect, the finance ministry said in a statement to Parliament.