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Windfall tax on oil scrapped
Financial Express Mumbai
|December 03, 2024
The government on Monday scrapped the windfall tax on domestic production of crude oil and exports of petrol, diesel and aviation turbine fuel (ATF), effective immediately.
The move marks the end of a levy introduced in July 2022 and comes as a big relief to oil producers and refiners.
SHARES OF MAJOR oil producers Reliance Industries and state-owned ONGC recovered about 2% from their day's low.
Shares of RIL rose by 1.28% to ₹1,311.05 against the previous close of ₹1,292.45, while that of ONGC were up by 0.52% to ₹258.10 from the previous close of 256.75 on the BSE.
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