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Market News

Oil stocks: ONGC, Oil India, BPCL, IOCL decline after windfall tax on crude petroleum slashed to zero

Kamal Joshi
By Kamal Joshi

1 min read | Updated on September 18, 2024, 09:50 IST

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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.

Stock list

BPCL
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IOC
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OIL
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ONGC
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The government slashed the windfall tax on domestically produced crude oil to 'nil' per tonne, effective September 18.

Oil shares were trading in red after the government slashed the windfall tax on crude petroleum to zero. Oil India shares slumped 2.1% to ₹602.2 apiece on the National Stock Exchange in early trade.
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.
Shares of Bharat Petroleum Corporation Ltd (BPCL) also dipped 0.1% to ₹338.1 apiece.

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.

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About The Author

Kamal Joshi
Kamal Joshi is a business journalist who covers industries, markets, and IPOs. He is passionate about breaking news and enjoys playing tennis, especially flexing his backhand. He was previously associated with Republic TV and LatestLY.

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