Shares of public sector oil marketing companies (PSU OMCs) declined after the government on Tuesday hiked the excise duty on petrol and diesel by Rs 10 and Rs 13 respectively.
Hindustan Petroleum (down 8.64%), Bharat Petroleum Corporation (down 5.26%) and Indian Oil Corporation (down 4.25%) declined the most.The Government notified that the changes will come into effect from 6 May 2020. Inspite of steep hike in excise duty the retail prices of petrol and diesel will remain unchanged as PSU OMCs will absorb the excise duty charges. Oil companies in India have not cut petrol and diesel prices since 16 March 2020, despite global crude oil prices falling to lowest in two decades.
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