RIL, ONGC gain amid report govt may lower windfall tax on fuel on Friday

On the bourses, shares of RIL jumped 2.4 per cent in the intra-day trade, while those of ONGC rose 6.4 per cent.

Shares of Reliance Industries, ONGC, and Chennai Petroleum Corporation ended up to 2 per cent higher on Thursday amid reports that the government may lower the recently implemented windfall tax on oil exporters on July 15. 

According to a Bloomberg report, Centre is considering lowering the recently implemented windfall tax as profits of fuel exporters and oil producers have dwindled due to the crash in global crude prices.

"The measure, aimed at taxing super-normal profits on local oil production, export shipments of gasoline, diesel and jet fuel, will be reviewed at a meeting on Friday. If a cut is decided upon, it