Indian Oil, HPCL, BPCL shares fall despite ₹3 petrol duty cut

Shares of Indian Oil, HPCL, and BPCL reportedly fell up to 2% on Friday after erasing morning gains. This reversal occurred despite the government slashing excise duty on petrol by ₹3 per litre. Reports suggest high global crude oil prices, currently at $107 per barrel, outweighed the relief. Analysts say the duty reduction only partly offsets margin pressure.