ONGC, Oil India, IOC shares rise up to 2% as govt scraps windfall tax on domestic crude
The central government on Tuesday cut the windfall tax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18.
The central government on Tuesday cut the windfall tax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18.
The BSE Oil & Gas Index has seen a correction of 7% in September, amid sharp decline in crude oil prices.
Shares of Oil India surged as much as 9.3%, while ONGC stock rallied as much as 9.5% as Brent crude oil futures edged lower.
OMCs have slashed petrol and diesel prices across the country by ₹2 per litre for the first time in two years since April 2022.
Both Sensex and Nifty, along with midcap and smallcap indices, clocked fresh highs today as investors celebrated BJP’s big gains in MP, Rajasthan and Chhattisgarh.
ONGC shares have risen more than 50% from its 52-week low of ₹132.95 touched on November 22, 2022.
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).