Market News
Oil stocks: ONGC, Oil India, BPCL, IOCL decline after windfall tax on crude petroleum slashed to zero
1 min read | Updated on September 18, 2024, 09:50 IST
SUMMARY
Indian Oil Corporation Ltd (IOCL) shares fell 0.1% to ₹170.26 a unit, and Oil and Natural Gas Corporation Ltd (ONGC) stock shed 0.4% to ₹293.2.
The government slashed the windfall tax on domestically produced crude oil to 'nil' per tonne, effective September 18.
Windfall tax on crude petroleum slashed to zero
On Tuesday, the government slashed the windfall tax on domestically produced crude oil to 'nil' per tonne, effective September 18.
The tax is levied as Special Additional Excise Duty (SAED) and is notified fortnightly based on the average oil prices for the previous two weeks.
The last such revision was effective August 31, when the windfall tax on crude petroleum was set at ₹1,850 per tonne.
The SAED on the export of petrol, diesel, and jet fuel, or ATF, has been retained at 'nil'. An official notification said the new rates are effective September 18.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.
About The Author
Next Story
