Shares of state-owned upstream oil & gas companies, Oil and Natural Gas Corporation (ONGC) and Oil India were down for the second straight day, falling up to 6 per cent on the BSE in Monday’s intra-day trade after the government on Friday imposed a special additional excise duty of Rs 23,250 per tonne on crude oil production.
In the past two trading days, the stock of Oil India has slipped 20 per cent, while ONGC dipped 18 per cent. In comparison, the S&P BSE Sensex gained 0.1 per cent during the same period.
The government announced export taxes and imposed restrictions on exports of petrol, diesel and aviation turbine fuel (ATF) in order to secure supplies of these products domestically at a time when exports are becoming highly remunerative.
