ONGC, OIL, IOCL rise after ministry cuts windfall tax on domestically produced crude

Oil and Gasoline Shares: Shares of main Indian oil and pure gasoline firms equivalent to ONGC, IOCL, OIL and HPCL had been rising larger on BSE on Tuesday (December 19, 2023) after the federal government on Monday introduced a major discount within the windfall revenue tax of domestically produced crude oil and diesel exports.  

Utilized from December 19, the petroleum ministry has minimize Particular Extra Excise Responsibility (SAED) on domestically produced crude oil from Rs 5,000 per tonne to Rs 1,300 per tonne.

Concurrently, SAED on diesel exports has been scaled down from Rs 1 per litre to Rs 0.50 per litre. 

The federal government has augmented the levy on aviation turbine gasoline (ATF) exports. 

ATF and Petrol Taxes

The federal government additionally augmented the levy on aviation turbine gasoline (ATF) exports. It has been set at Rs 1/litre efficient from December 19.

Amid adjustments, we take you thru the efficiency of the main oil and gasoline shares. 

ONGC

The inventory of India’s main oil and gasoline explorer was shifting up by 0.43 per cent, or Rs 0.85, at Rs 199.75. The sock that opened at Rs 202.45 on Tuesday it the day’s excessive of Rs 203.45.

OIL

Oil India Restricted additionally appears to money in on the federal government’s decison of lowering windfall tax because the inventory is rising larger by 1.71 per cent, or Rs 5.50, at Rs 327.60 in morning offers on Tuesday.

IOCL

Indian Oil Company Restricted shares had been buying and selling flat at Rs 124.30 earlier than rising to the day’s excessive of Rs 125.95.   

HPCL

The inventory of the Hindustan Petroleum Company Restricted is leaping larger by 0.71 per cent, or Rs 2.70, at Rs 382.15.