ONGC share price jumps 6.5%, Oil India rallies 9% after govt slashes oil and gas royalty rates

Oil and Natural Gas Corporation (ONGC) share price surged 6.5% on Tuesday, 12 May, after the government reduced royalty rates on crude oil and natural gas production across multiple field categories, including deepwater and ultra-deepwater blocks, to boost domestic exploration.

Similarly, another oil PSU, Oil India, witnessed a 9% increase in its stock as the updated framework is anticipated to benefit upstream oil companies.