OMC stocks in focus after government changes fuel export taxation
Shares of Indian Oil, BPCL, and HPCL are expected to be watched on Monday following new central government decisions on fuel duties.
Shares of Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) will be in focus on Monday. This follows the central government's decision on Saturday, October 31, regarding fuel taxation, according to Mint.
The government raised the windfall gains tax on diesel and aviation turbine fuel (ATF) exports. For the fortnight beginning October 31, the duty on ATF exports increased to ₹11 per litre from ₹10.5 per litre.
The special additional excise duty (SAED) on diesel exports also rose. The SAED, combined with the road and infrastructure cess on diesel exports, increased from ₹8.5 per litre to ₹11.5 per litre.
Conversely, the government slashed the duty on petrol exports to zero. The duty on petrol exports was previously ₹2.5 per litre.
On Friday, October 30, IOCL shares closed 0.12% lower at ₹130 per share on the BSE. BPCL closed 1.47% lower at ₹284.30 per share, while HPCL ended 0.72% lower at ₹339.50 per share.
The windfall tax was levied on fuels to increase domestic availability during the war in West Asia and to prevent exporters from taking advantage of global crude oil price surges.