ONGC shares dip nearly 2% as government raises windfall tax

ONGC shares, belonging to Oil and Natural Gas Corporation Ltd, experienced a nearly 2% decline following the Narendra Modi government’s decision to increase the windfall tax on domestically produced crude oil and diesel in the country.

As of 10:16 am, the shares were trading 1.42% lower at ₹273.35.


The Union Ministry of Finance has marginally raised the windfall tax on the sale of domestic crude oil to ₹3,300 per tonne. Additionally, the government has reintroduced a special additional excise duty (SAED) of ₹1.5 per litre on the export of diesel.

Previously, for the past two weeks, the SAED on the sale of locally produced crude oil stood at ₹3,200. The duty on the export of diesel had been at zero since January 1.