Oil marketing companies' shares surged to 4% today after the government announced a hike in excise duty on petrol and diesel rates by Rs 2/litre and a hike of Rs 50 for LPG cylinders. This decision aims to help offset some of the financial losses these companies have been facing. Hindustan Petroleum Corporation (HINDPETRO) surged to a day’s high of 371 by 4.5%, BPCL climbed by 4% to a day’s high of 287, whereas Indian Oil Corporation Ltd. (IOC) jumped by 2%.
