Shares of state-owned oil exploration & production companies, Oil and Natural Gas Corporation (ONGC) (Rs 150.50) and Oil India (Rs 218) were up 2 per cent to hit over five-month high in Friday’s intra-day trade after cess on domestically produced crude oil was reduced from Rs 4,900 per tonne to Rs 1,700 per tonne. These stocks traded at their highest level since July 1, 2022.
On Friday, the Union government slashed the windfall tax on domestically produced crude oil and diesel effective December 16, 2022.
The Ministry of Finance slashed tax on crude oil produced by firms such as state-owned ONGC to Rs 1,700 per tonne from Rs 4,900 per tonne.
