The windfall tax, which targeted unexpected profits from domestic crude oil production, was first imposed in July 2022. As per the notification, the tax on the production of petroleum crude and the export of ATF, petrol, and diesel will no longer be levied. This move is expected to benefit oil producers and refiners such as Reliance Industries and ONGC, potentially improving their refining margins.
Shares of Reliance Industries rose following the announcement. ONGC shares closed at ₹257.65, up by 0.37%, while Reliance Industries shares closed at ₹1,310.60, up by 1.42%.
This story is from the December 03, 2024 edition of The New Indian Express.
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This story is from the December 03, 2024 edition of The New Indian Express.
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