Refiners, upstream cos soar on windfall tax cut; CPCL up 11%, Oil India 8%

CPCL, Oil India, ONGC, MRPL, Gail (India) and Reliance Industries were up 4 per cent to 11 per cent on the BSE in intra-day trade.

Shares of oil & gas companies surged up to 11 per cent on the BSE in Wednesday’s intra-day trade after the government slashed windfall tax on domestic crude oil production from Rs 23,250/tonne to Rs 17,000/tonne. The government also reduced additional excise duty on exports of diesel and ATF by Rs 2/litre and additional excise duty on petrol has also been removed.

Among the individual stocks, Chennai Petroleum Corporation (CPCL) rallied 11 per cent to Rs 296.40, Oil India gained 8 per cent to Rs 201.80, followed by Oil and Natural Gas Corporation (ONGC) up 7 per cent at