Fuel prices set for potential ₹2-3 cut as marketing margins improve: ICRA
The improvement in marketing margins for Oil Marketing Companies (OMCs) has been largely driven by a significant drop in crude oil prices in recent months.
The improvement in marketing margins for Oil Marketing Companies (OMCs) has been largely driven by a significant drop in crude oil prices in recent months.
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Sugar stocks such as Dalmia Bharat Sugar, Triveni Engineering, Bajaj Hindusthan, Dhampur Sugar Mills rose in the range of 2% to 5%.
It may be noted that the WPI based inflation in May 2023 contracted 3.48% year-on-year compared with 0.92% contraction in April 2023.
The government has hiked the export duty on diesel to ₹0.50 per litre from ₹1 per litre.
According to a notification by the Ministry of Petroleum and Natural Gas, the export duty on diesel has been hiked to ₹1 per litre from ₹0.50 per litre.
India's windfall tax on exports of locally-produced oil has helped reduce the state-owned refining and marketing companies' marketing losses, says Moody's.
On July 1 this year, the Indian government joined a group of nations that imposed a windfall tax on crude oil owing to soaring energy prices.