Govt slashes windfall tax on domestic crude to ₹4,100; here’s how oil stocks reacted
With this the government, however, has left the windfall tax on petrol, diesel and aviation turbine fuel (ATF) or jet fuel unchanged.
With this the government, however, has left the windfall tax on petrol, diesel and aviation turbine fuel (ATF) or jet fuel unchanged.
The windfall tax on petrol and aviation turbine fuel (ATF) has, however, remained unchanged. The new rates are applicable with effect from April 19, 2023.
According to a notification by the Ministry of Petroleum and Natural Gas, the export duty on diesel has been hiked to ₹1 per litre from ₹0.50 per litre.
Following this development, shares of Oil & Natural Gas Limited (ONGC), the country’s largest oil and gas producer surged 4.08% to hit an intra-day high of ₹152 apiece on the Bombay Stock Exchange.
On July 1 this year, the Indian government joined a group of nations that imposed a windfall tax on crude oil owing to soaring energy prices.