RIL eyes new high; ONGC, HPCL can gain up to 8% amid windfall tax revision

The government on Thursday raised the windfall tax on exports of diesel to Rs 7 per litre and reintroduced the tax on jet fuel exports of Rs 2 per litre.

Shares of oil majors on Friday were trading in the red as the government raised the windfall tax on exports of diesel to Rs 7 per litre and reintroduced the tax on jet fuel exports of Rs 2 per litre, which was scrapped earlier in this month. 

Meanwhile, the Centre has reduced the windfall tax on domestically produced crude oil to Rs 13,000 a tonne from Rs 17,750 a tonne earlier, a move that will come as a relief for producers like ONGC and Vedanta Ltd. READ MORE

This is the third revision of the windfall tax