As part of fortnightly revision in windfall tax on oil, govt announced following changes:
1) Hiked windfall tax on diesel export to Rs 7/litre or $14/bbl (from Rs 5/ltr or $10/bbl last fortnight); and levied tax of Rs 2/litre or $4/bbl on ATF exports (from NIL last fortnight) - this is due to rise in Diesel and ATF product cracks by $4-5/bbl in last fortnight
2) Govt cuts windfall profit tax on domestic crude output to Rs 13,000/ton or $22.4/bbl (from Rs 17,750/ton or $30.5/bbl last fortnight) - this is due to decline in crude price by $8-10/bbl in last fortnight
Above changes are mostly on expected lines - so largely neutral from ONGC and RIL perspective
By: via @AlliesFin Serve Stock Market
