Focus on windfall tax review leads to oil stocks ending in the green

Export taxes on petrol are likely to see the steepest reduction, while levies on diesel and jet fuel could also be lowered to adjust the impact of price declines

Shares of oil companies such as Reliance Industries (RIL), Oil and Natural Gas Corporation (ONGC) and Chennai Petroleum Corporation rose on Thursday amid reports that the government was considering a reduction in the levy of new taxes on petrol, diesel and aviation turbine fuel (ATF), which was announced on July 1.

A Bloomberg report had suggested that the Centre was mulling a cut in the windfall tax as early as Friday due to a crash in global crude oil prices. On a day when the broader market was down, BSE Sensex lost 98 points or 0.18 per cent to