Shares of upstream oil firms such as Reliance Industries Ltd (RIL), Oil & Natural Gas Corporation Ltd (ONGC), and Oil India Ltd were trading in the green zone on Thursday as a result of a decrease in windfall tax payable on domestically produced petroleum as well as exports.
RIL shares increased more than 1% on Thursday, while ONGC and Oil India gained more than 3%.
On Wednesday, February 15, the windfall tax on petroleum was decreased from Rs. 5,050 to Rs. 4,350 ($52.60) per tonne.
According to the announcement, the government also reduced the export duty on diesel from 7.50 rupees per litre to 2.50 rupees per litre and the export tax on aviation turbine fuel from 6 rupees per litre to 1.50 rupees per litre.
As of Thursday, ONGC has risen 27.41% since its 52-week low of 119.8 on July 6, 2022. Oil India shares have increased 51.47% since their 52-week low of 167.8 on September 28, 2022.