Oil and refinery stocks are up in the green today morning, with Chennai Petro and Oil India figuring among the top five gainers on the BSE. Chennai Petro rose over 11% to Rs.296.40, Oil India rose over 9% to Rs.202.95. ONGC, MRPL (locked at 5% UC), GAIL, RIL, all stocks are up in the green currently.
These stocks rose after the Govt cut the windfall tax on domestic crude oil production from Rs 23,250/tonne to Rs 17,000/tonne.
This cut it will not have any impact on the retail prices for consumers, but it will benefit domestic crude producers and oil refiners. This will be reviewed every 15 days and based on the crude price trajectory, decision will be taken.
The Govt also cut additional excise duty on exports of diesel and ATF by Rs 2/litre while doing away with additional excise duty on petrol.