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Oil exporters slump as Govt hikes export duty on petroleum products

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Capital Market

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.

 

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First Published: Jul 01 2022 | 11:33 AM IST

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