ONGC, OIL, IOCL rise after ministry cuts windfall tax on domestically produced crude
Applied from December 19, the petroleum ministry has cut Special Additional Excise Duty (SAED) on domestically produced crude oil from Rs 5,000 per tonne to Rs 1,300 per tonne. Simultaneously, SAED on diesel exports has been scaled down from Rs 1 per litre to Rs 0.50 per litre.
The government has also augmented the levy on aviation turbine fuel (ATF) exports. It has been set at Rs 1/litre effective from December 19.