The windfall tax on domestically produced crude oil has been halved to ₹4,900 per tonne from ₹10,200 per tonne, whereas the tax of export of diesel has been slashed to ₹8 per litre.
In the sixth round of revision, the windfall tax on domestic crude oil has been slashed by 24% to ₹8,000 per tonne from ₹10,500.
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
Export cess on diesel increased further to ₹13.5 per litre, while ATF will now attract export levy of ₹9 per litre, shows revised notification by FinMin
The govt increases the export levy on diesel to ₹7 per litre from ₹5 per litre. The ₹2/litre export tax on aviation turbine fuel imposed again
Nirmala Sitharaman says international crude prices, diesel, petrol and ATF prices had risen sharply recently, and crude producers were making super normal profits
Amid the announcement, shares of three out of four oil producers and refiners are down. RIL stock is up 0.16%, while ONGC, GAIL, IOC are down by 1.39%, 1.77%, and 0.28%, respectively
Shares of Reliance Industries, ONGC, GAIL India, Gujarat Gas, IOC, IGL, and BPCL gained up to 6% in opening trade after the government eased the windfall tax on fuel shipments.
