Share Market Marathi News: The stock market witnessed a rapid trend on Tuesday and the Nifty closed up 374 points at 22536. During this boom in the market, the shares of oil marketing companies increased by 4%. After the government approved the price of Rs 2 per liter in excise duty on petrol and diesel and Rs 50 in LPG cylinders, the shares of government oil marketing companies increased by 4%.
Brokerage firms reacted positively and cited better auto fuel margins, decreasing under-rikovery and adapted margin landscape for OMC in the near future. Hindustan Petroleum Corporation Limited (HPCL) shares were the highest profit on BSE, which rose over 4% to a highest level of Rs 367.50. After this, Bharat Petroleum Corporation Limited (BPCL) shares rose 2.7% to Rs 281.80. Meanwhile, the Indian Oil Corporation (IOC) shares rose by 2% to Rs 131.
The move, taken aimed at improving fiscal revenue amid the fall in crude oil prices globally, is expected to be partially compensated to IOC, BPCL and HPCL due to selling LPGs at low prices last year due to a partial compensation of Rs 41,338 crore.
Although this increase in excise duty will not have a direct impact on retail pump prices, this will give oil companies an opportunity to accommodate the prices of other products. According to this adjustment, the price of LPG or LPG will increase by Rs 50 per cylinder from Tuesday. After this increase, the price of 14.2 kg standard LPG refill in Delhi will now be Rs 553 for the beneficiaries of the Ujjwala scheme and Rs 853 for other consumers.
However, tax growth has not been applied to LPG. The government has allowed oil marketing companies to amend prices in the region to meet revenue requirements. Oil Minister Hardeep Singh Puri said in a press conference, “(tax growth) will not be put on consumers. Its burden will come to the common treasure and it will be used to compensate for LPG deficit of (oil) companies.”
Asked how long the money would be returned to the companies, Puri said, “It will not be done in this financial year or not, I do not know.” The government has allowed an increase of Rs 50 per cylinder to reduce the difference between subsidized retail and international market rates. Despite this increase, the selling price of the Ministry of Petroleum in Delhi is less than Rs 1,028.50 per cylinder.
Due to the fall in crude oil prices globally, LPG prices are also expected to fall in future, which will benefit consumers and oil marketing companies.
This shares climbed 4 percent due to the increase in the price of the post LPG, what to do investors? First appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
