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

Oil and Gas Stocks: Shares of leading Indian oil and natural gas companies such as ONGC, IOCL, and OIL were rising higher on BSE on Tuesday (December 19, 2023) after the government on Monday announced a significant reduction in the windfall profit tax on domestically produced crude oil and diesel exports.  

Applied from December 19, the petroleum ministry has cut Special Additional Excise Duty (SAED) on domestically produced crude oil from Rs 5,000 per tonne to Rs 1,300 per tonne.

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

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

ATF and Petrol Taxes

The government also augmented the levy on aviation turbine fuel (ATF) exports. It has been set at Rs 1/litre effective from December 19.

Amid changes, we take you through the performance of the leading oil and gas stocks. 

ONGC

The stock of India's leading oil and gas explorer was moving 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 high of Rs 203.45.

OIL

Oil India Limited also seems to cash in on the government's decison of reducing windfall tax as the stock is rising higher by 1.71 per cent, or Rs 5.50, at Rs 327.60 in morning deals on Tuesday.

IOCL

Indian Oil Corporation Limited shares were trading flat at Rs 124.30 before rising to the day's high of Rs 125.95.   

HPCL

The stock of the Hindustan Petroleum Corporation Limited is jumping higher by 0.71 per cent, or Rs 2.70, at Rs 382.15.