Shares of four oil exporters witnessed sharp sell-off in trade today after the Central Government reportedly raised export duty on petrol, diesel and aviation turbine fuel (ATF).
Oil and Natural Gas Corporation (down 10.10%), Oil India (down 6.01%), Reliance Industries (down 5.44%) and Hindustan Oil Exploration Company (down 4.52%) tumbled.
As per media reports, the government on Friday raised the export duty on diesel by Rs 13 per litre and that on petrol by Rs 6 per litre. The export duty on ATF has been raised by Rs 6 per litre.
The increase in taxes in aimed to increase the domestic availability of fuel. However, the increase in taxes in fuel will not impact the domestic prices, the Ministry of Finance has reportedly said.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app