The government, as part of the amendments brought to the Finance Bill 2020, has reportedly increased the cap on special additional excise duty from Rs 10 to Rs 18 for petrol and from Rs 4 to Rs 12 for diesel.
According to media reports, the move will allow the government more flexibility to raise excise duty on petrol and diesel in future. The amendment along with the Finance Bill 2020 was passed without a debate in the Lok Sabha.
Meanwhile, shares of public sector oil marketing companies (PSU OMCs) tumbled on Monday.
BPCL slumped 10.79% to Rs 269.40. HPCL tumbled 12.26% to Rs 183.60. Indian Oil Corporation lost 6.37% to Rs 80.85.
In the commodities market, Brent crude for May 2020 settlement was up $1.58 to $25.40 a barrel. The contract fell 5.23% or $1.49 to settle at $26.98 a barrel in Wednesday's trading session.
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