New Delhi, April 8 -- Shares of oil marketing companies (OMC), including BPCL, HPCL and IOCL, rallied up to 4% on Tuesday. HPCL share price jumped as much as 4%, while BPCL share price rallied 2.7% and IOC shares gained as much as 2.06%.

The three state-run OMCs, Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd and Indian Oil Corporation Ltd, saw a sharp movement in their share prices after the government announced a hike in excise duty on petrol and diesel.

On Monday, the central government increased the excise duty on petrol and diesel by Rs.2 each with effect from April 8. The move comes at the time when global crude oil prices are falling.

The Oil Minister also announced an Rs.50 per cylinder increase in LPG pr...