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Oil explorers fall after FM raises cess on crude oil-news16032012

Friday, March 16, 2012

Crude oil explorers fell by 3.27% to 6.02% after the Finance Minster Pranab Mukherjee hiked the cess on crude petroleum oil produced in India from Rs2500 per tonne to Rs4500 per tonne, an increase of 80%.

On the BSE: Cairn India down by 6.02%, ONGC down by 4.66%, Oil India down 4.38% and Reliance Industries down 3.27%.
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