Oil stocks have 'crude' fall

The oil companies are down in the red today, leading the pack of losers. This is thanks to the export tax and windfall tax announced today.

The Govt has slapped an export tax on petrol, diesel and jet fuel (ATF) shipped abroad and additionally, it has imposed a windfall tax on crude oil coming from oil extraction and refining companies.

Export tax on petrol and ATF is at Rs.6/litre and Rs.13/litre on export of diesel.

The ‘windfall’ tax is of Rs.23,250/tonne on crude oil produced domestically.

Following this news, ONGC, Oil India, Vedanta (on account of Cairn India), Reliance Inds are down in the red. MRPL and Chennai Petro also dominate the losers list.