Oil stocks surge as govt cuts windfall tax on fuel exports, RIL up 4%

Petrol and diesel prices are down by $40-50 per barrel from month-ago levels

Shares of oil companies rallied on Wednesday after the government cut windfall taxes on fuel exports on the back of falling global prices.

Petrol and diesel prices are down $40-50 per barrel from month-ago levels, Citi said on Tuesday, making a case for a review of the windfall tax announced on July 1.

CLSA had made a similar point last week, saying a crash in refining 

Shares of oil companies rallied on Wednesday after the government cut windfall taxes on fuel exports on the back of falling global prices.

Petrol and diesel prices are down $40-50 per barrel from month-ago