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BUZZ-India's oil refiners rise on petrol, diesel tax cut
October 4, 2017 / 5:16 AM / 2 months ago

BUZZ-India's oil refiners rise on petrol, diesel tax cut

** Shares of India’s oil marketing companies Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd rise more than 3 pct

** India on Tuesday cut excise duty on petrol and diesel by two rupees a litre to protect retail consumers from higher global crude oil prices

** Oil marketing firms were getting hit on their marketing margin as a result of high domestic fuel prices - Nitin Tiwari, VP of research, Antique Stockbroking Ltd

** The cut in excise duty is seen as a relief as these firms will be able to exercise flexibility in terms of determining marketing margins, Tiwari says

** S&P BSE Oil & Gas index up as much as 1.6 pct

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