Govt may ask OMCs to absorb further hike in oil prices; shares tank




Govt unlikely to roll back fuel excise duty due to fiscal constrains. NSEBSEIndian Oil Corporati…Loading data…

    ADD TO PORTFOLIO

    ADD TO WATCHLIST

    SHARE YOUR OULOOK

    EXPAND

    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESHPCLLoading data…

      ADD TO PORTFOLIO

      ADD TO WATCHLIST

      SHARE YOUR OULOOK

      EXPAND

      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESBPCLLoading data…

        ADD TO PORTFOLIO

        ADD TO WATCHLIST

        SHARE YOUR OULOOK

        EXPAND

        ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES Shares of oil marketing companies (OMCs) plunged up to 6 per cent in afternoon trade on Wednesday after ETNow reported that the government may ask the companies to absorb further hike in oil prices.

        BPCL lost 6.23 per cent to end the day at Rs 500.35, while HPCL and Indian Oil Corporation were down 5.06 per cent and 4.28 per cent at Rs 457.35 and Rs 416.15, respectively.

        According to reports, the government will unlikely pass further rise in fuel prices due to higher inflation. It also unlikely to roll back fuel excise duty due to fiscal constraints.




        Leave a Reply