RIL MPRL, Chennai Petrochem tank up to 13% as govt raises excise duty on fuel

New Delhi: Shares of oil refining and marketing companies tumbled sharply in Friday’s session after the Ministry of Finance increased export duties on select petroleum products.

The finance ministry issued a notice on Friday, increasing export duties on petrol, diesel and aviation turbine fuel (ATF). The government imposed a cess of Rs 23,250 per barrel on domestic crude production.