ONGC trades flat, Oil India stock inches up after windfall tax hike

On September 15, the Union government announced an increase in the windfall tax on domestic production of crude oil to Rs 10,000 per tonne from Rs 6,700 per tonne.

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Stocks of state-run oil producers ONGC and Oil India were largely unfazed by the hike in windfall tax. While ONGC traded little changed, Oil India edged up marginally on September 18.

At 10:50am, Oil India was trading at Rs 288.60, up 1.4 percent from Friday’s close, while ONGC was trading at Rs 186.65, on a par with Friday’s close.

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On September 15, the government announced a hike in the windfall tax on domestic production of crude oil to Rs 10,000 per tonne from Rs 6,700 per tonne. The increase became effective on September 16. In its previous review, the government had reduced the so-called Special Additional Excise Duty (SAED) on crude petroleum to Rs 6,700 per tonne from Rs 7,100 per tonne.

Also watch: Live: Crude oil prices at ten-month high | Prices up by 15% since June | Commodities Corner

Windfall tax is a cess levied on products during periods of ‘unexpected excessive profits’. This latest levy on domestic crude oil has come on the back of a sudden rise on global crude oil prices to $90 per barrel. However, SAED on diesel export will fall to Rs 5.50 per litre from Rs 6 per litre currently.

Additionally, the government has cut the windfall tax on aviation turbine fuel (ATF) to Rs 3.50 a litre from Rs 4. Both ONGC (Oil and Natural Gas Corporation) and Oil India are CPSUs (Central Public Sector Undertakings) involved in oil exploration, development and production of “crude oil and natural gas, transportation of crude oil and production of liquid petroleum gas”.

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