Oil-marketing companies shares tumbled in afternoon trade after the government said it had raised excise duty on petrol and diesel by Rs 2.25 per litre and Rs 1 per litre.
Oil-marketing companies shares tumbled in afternoon trade after the government said it had raised excise duty on petrol and diesel by Rs 2.25 per litre and Rs 1 per litre.
Retailers Indian Oil , BPCL and HPCL fell 3.1 percent to 3.4 percent in afternoon Mumbai trading.
Sources told CNBC-TV18 that the duty hike was effective tonight and was unlikely to be passed on to consumers as companies were making profits on sale of the automotive fuels.
While international crude prices have fallen by about 40 percent from the peak this year, fuel prices have fallen by only about 15 percent, indicating that oil marketing companies had started making profits on selling the fuel.
The UPA government deregulated petrol prices in 2010 while the NDA government deregulated diesel price this October.
"It is a good move by the government to raise money in a quick way," former IOC CMD Sarthak Behuria told CNBC-TV18.
The state of the government's finances has been quite stressed thanks to the low tax mop-up and high expenditure seen up till now this fiscal.
As per latest figures, the government has already reached 90 percent of the fiscal deficit target it has outlined in the seven months till October.
Only on November 14, the government had hiked excise duty on petrol and diesel prices by Rs 1.5 per litre.
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