Special additional excise duties on oil: ONGC, OIL, RIL earnings to see up to 30% impact in FY23
The special additional excise duties imposed by government on export of petroleum products and sale of crude in domestic market will impact the profitability of oil explorers by up to 30% in FY23. It will additionally impact the gross refining margins of private refiners by $6-$8 per barrel, if the measures continue for the full year.
On Friday, the shares of state run explorers, Oil and Natural Gas Corporation (ONGC) and Oil India tanked between 13 and 15% respectively on the Bombay Stock Exchange, while shares of Reliance Industries fell 7% from its previous close following the announcement.
