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Shares of major oil marketing companies (OMCs) opened positively in the opening tick on Wednesday after the government reduced the basic excise duty on petrol and diesel (both branded and unbranded) by Rs 2 a litre with effect from October 4, 2017.
Hindustan Petroleum Corporation (HPCL) jumped 3.42 percent at opening on Wednesday, while Bharat Petroleum Corporation (BPCL) jumped 1.76 percent. Indian Oil Corporation (IOC) also gained 2.26 percent.
Late on Tuesday, the finance ministry said that the decision was taken in a bid to cushion the impact of the rise in global crude oil prices and to protect the interests of the common man.
"(The) government has reduced the basic excise duty on petrol and diesel (both branded and unbranded) by Rs 2 a litre with effect from October 4, 2017. The revenue loss on account of these reductions will be about Rs 26,000 crore in a full year and Rs 13,000 crore in the remaining part of the current financial year,” the finance ministry announced on Twitter.
At 09:17 hrs Hindustan Petroleum Corporation was quoting at Rs 448.05, up Rs 14.80, or 3.42 percent. It has touched an intraday high of Rs 451.25 and an intraday low of Rs 444.10.
Bharat Petroleum Corporation was quoting at Rs 485.10, up Rs 6.85, or 1.43 percent. It has touched an intraday high of Rs 494.00 and an intraday low of Rs 484.00.
Indian Oil Corporation was quoting at Rs 414.20, up Rs 7.50, or 1.84 percent. It has touched an intraday high of Rs 418.75 and an intraday low of Rs 411.45.
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