ONGC, Oil India rise; MRPL, Chennai Petro dip as new rates of windfall gain tax on crude come into effect

Oil stocks ONGC, Reliance Industries Limited, and Oil India are trading higher, while MRPL and Chennai Petro are down as new rates of windfall gain tax came into effect on Tuesday (January 2, 2023).

The government increased windfall gain tax on domestic crude oil exports from Rs 1300 per tonne to Rs 2300 per tonne.

The additional export duty on diesel and ATF has also been reduced to zero. 

Amid the new changes of windfall tax rates, ZeeBiz takes you through the performance of prominent oil stocks.

ONGC

The stock of India's largest crude oil and natural gas producer was trading up by 0.73 per cent, or Rs 1.50, at Rs 206.75, at 9:39 am on Tuesday.

The stock opened at Rs 205.75 in the morning today.

RIL

Reliance Industries Limited shares were also trading in positive territory in the morning session as they were up by 0.66 per cent, or Rs 17.15, at Rs 2607.00.

Oil India

The Oil India stock started the trading session on Tuesday on a higher note as it jumped by 0.50 per cent, or Rs 1.90, at Rs 380.20 in morning deals.

MRPL

Mangalore Refinery & Petrochemicals Ltd declined by 1.24 per cent, or Rs 1.65, at Rs 131.05 in the morning trading session on Tuesday.

The stock hit a 52-week-high on December 28.

Chennai Petro

Chennai Petroleum Corporation Ltd started the day on a low note as it dipped by 0.70 per cent, or Rs 4.90, at Rs 697.95 on Tuesday.