Levy on fuel exports slashed; govt exempts SEZs from windfall tax

Move to benefit RIL, ONGC and Oil India, say analysts

The government on Wednesday exempted the export of petroleum products from units located in special economic zones (SEZs) from the windfall tax and slashed the export levies on these fuels amid easing global crude oil prices, less than three weeks after imposing them.
 

The move is expected to provide significant relief to Reliance Industries (RIL), whose 55 per cent of refining production comes from its two SEZ refineries at Jamnagar in Gujarat, from where a majority of products are exported. Other beneficiaries include the government-owned Oil and Natural Gas Corporation (ONGC) and Oil India.
 

“The central government, on