Mumbai: Shares of oil marketing companies tumbled 7-13% on Wednesday as the government hiked duties on petrol and diesel by ₹10 and ₹13 per litre, respectively.
Hindustan Petroleum Corporation (HPCL) traded as much as 13% lower to ₹186.70 apiece on the BSE. Bharat Petroleum Corporation (BPCL) was 10% lower at ₹312.15. Indian Oil Corporation (IOC) fell 7.49% to ₹72.85. The S&P BSE Sensex was at 393.17 points or 1.25% higher at 31,846.68.
The government late Tuesday hiked road and infrastructure cess by ₹8 for petrol and diesel and special additional excise duty (SAED) by ₹2 per litre and ₹5 per litre, respectively. While the road cess will only go into the Centre’s coffers, the hike on account of SAED will be passed on to states via devolution at 42%. States will get only ₹0.84 per litre in case of petrol and ₹2.1 in case of diesel.
