Plane symmetric cosmological models are investigated with or without any dark energy components in the field equations. Keeping an eye on the recent observational constraints concerning the accelerating phase of expansion of the universe, the role of the magnetic field is assessed. In the absence of dark energy components, the magnetic field can favour an accelerating model even if we take a linear relationship between the directional Hubble parameters. In the presence of dark energy components in the form of a time-varying cosmological constant, the influence of the magnetic field is found to be limited.
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