Shares of all major oil marketing companies (OMC) hit 52-week low and extended their losses in today’s session as Government on Thursday announced the much awaited cut on excise duty of petrol and diesel, which the market had kept an eye on since the rally of crude prices started.
Excise duty on petrol and diesel is cut by Rs1.5/lt each and the oil marketing companies (OMCs) have been asked to absorb Rs1/lt. The overall cut in prices of petrol and diesel will be Rs2.5/lt each.
Center has also asked states to take a similar cut in VAT to keep the petrol and diesel prices under control.
Excise duty on petrol and diesel is cut by Rs1.5/lt each and the oil marketing companies (OMCs) have been asked to absorb Rs1/lt. The overall cut in prices of petrol and diesel will be Rs2.5/lt each.
Center has also asked states to take a similar cut in VAT to keep the petrol and diesel prices under control.
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