Highlights

  • ONGC stock fell over 10% on Friday's trade
  • Reliance stock sees the biggest fall in nearly 2 years.

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Govt raises taxes on export of ATF, diesel and petrol, RIL & ONGC hit

The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel

The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF). The centre has also mandated exporters to meet the requirements of the domestic market first. The government has levied a ₹6 per litre tax on exports of petrol and ATF and ₹13 per litre on exports of diesel.

This has a big impact on Mukesh Ambani backed Reliace Industries and state-owned ONGC who are the largest crude exporters for India.

The government also slapped a ₹23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices.

The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US.

The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.

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