
Oil stocks rally; BPCL, HPCL, IOC hit 52-week highs
Among other state-owned OMCs, Oil India, GAIL (India), ONGC shares surged up to 4% amid strong volume trade.
Among other state-owned OMCs, Oil India, GAIL (India), ONGC shares surged up to 4% amid strong volume trade.
Levy on petrol, diesel, and aviation turbine fuel has been kept unchanged at zero
Refiners must sell at least 50% of annual volume of petrol exports, 30% of diesel exports in India; move to ensure availability of refined fuel in India
The S&P BSE Oil & Gas index rose as much as 1% to hit a 52-week high of 20,650 levels, led by IGL, IOC, Adani Total Gas, Reliance Industries, and GAIL (India).
The windfall tax on domestically produced crude oil has been hiked to ₹10,200 per tonne from ₹9,500 per tonne, whereas the tax of export of diesel has been slashed to ₹10.5 per litre.
Shares of ONGC, HPCL, and IOC rose up to 1%, while Adani Total Gas, Reliance Industries, and BPCL fell up to 1% on the BSE.
Crude oil rises to nearly a three-week high; key oils stocks trade in positive territory as OPEC+ decides to cut output by 2 mn barrels/day.
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The Centre has reduced tax on domestically-produced crude oil to ₹10,500 per tonne from ₹13,300 per tonne; tax levy on diesel lowered to ₹10 per litre.
Shares of ONGC, Reliance, Adani Total Gas, Indraprastha Gas, CPCL, and MRPL saw selling pressure after the govt revised the windfall tax on crude oil