Oil stocks traded mixed as center scraps benefited from a tax on diesel, fuel exports; Oil India falls more than 2%

Upstream oil companies remain focused on Monday’s (December 2) session as the agency decides to waive the tax on profits from the export of petrol and diesel.

At last count, ONGC shares were down 0.3% at Rs 255.9, while Oil India was down 2 percent at the day’s low of Rs 478.75 per share. At the time of writing, the scrip was trading 1 percent weaker at Rs 485.15 apiece on the BSE.

Meanwhile, Reliance Industries traded up 0.7 percent at Rs 1,301.2 per share on the BSE.

The decline in these goods occurred as the Government on Monday withdrew the tax on the profits of Aviation Turbine Fuel (ATF), crude products, petrol and diesel products, after a series of negotiations.

The loss in pocket is evident as the new directive which comes into effect soon will bring relief to the oil refiners.