Here's how windfall tax will impact Reliance, ONGC and OIL India

The government recently imposed a windfall tax on all refiners, including SEZ refineries, on the export of diesel, petrol, and air turbine fuel. Besides, it also imposed a cess on domestic crude output. Analysts said the development is a setback for refiners as they cut FY23 estimates steeply. The tax could potentially be used to offset OMC losses on auto fuel, analysts said. The government has raised export duty on diesel by Rs 13 a litre and on petrol by Rs 6 a litre. It has also raised export duty on ATF by Re 1 per litre. The government said Indian exporters would have to sell 50 per cent of petrol in the domestic market on total shipping bill while they have to sell 30 per cent of diesel in domestic market on total shipping bill. In addition, a cess of Rs 23,250 per tonne was imposed on crude produced domestically.