Business
ONGC and Oil India reach a 5-month high when the government lowers the windfall tax.
The government’s decision to lower the windfall tax has been welcomed by ONGC and Oil India, who have both reached a 5-month high. This is a positive step for the oil and gas industry, which has been struggling in recent months. The government’s decision will help to encourage investment and production in the sector, which is vital for the economy.
After the cess on domestically produced crude oil was reduced from Rs 4,900 per tonne to Rs 1,700 per tonne, shares of state-owned oil exploration and production firms Oil and Natural Gas Corporation (ONGC) (Rs 150.50) and Oil India (Rs 218) increased by 2% to reach nearly five-month highs on Friday. Since July 1, 2022, these stocks have traded at their highest level.
With effect from Friday, December 16, 2022, the Union government reduced the windfall tax on domestically produced crude oil and diesel.
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