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Stocks of oil retailers today fell on excise hike reports.
Hindustan Petroleum Corp dropped 1.4 per cent, Indian Oil Corp declined 1 per cent and Bharat Petroleum Corp was down 0.5 per cent.
According to TV channels, India has raised the factory gate duties on petrol and diesel.
Increase in excise will cap the profits that retailers earn. Also, more hikes in excise duty were not ruled out in coming weeks, news channel CNBC TV 18 reports, citing sources.
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