The state-owned Oil and Natural Gas Corporation (ONGC)and Oil India shares were down for the second straight day, falling to 6 per cent on the Bombay Stock Exchange (BSE).

The stock of Oil India has slipped 20 per cent, while ONGC dipped 18 per cent. In comparison, the S&P BSE Sensex gained 0.1 per cent during that period.

The government announced export taxes and imposed restrictions on exports of petrol, diesel and aviation turbine fuel (ATF) to secure supplies of these products domestically when exports are becoming highly remunerative.

• Nepal Signs 7 MoUs with India for Projects 
• Trump to Hit Patented Drugs with a 100% Tariff 
• Government Looking to Talk with Airlines Amid Fuel Surcharge 
• Bank of Baroda Shares Slip Despite Q4 Global Advances Jumping 16.23%
• Pharma Stocks to be in Focus on Monday as Trump Tariff Reports Rattle Drug Sector

Meanwhile, given the sharp surge in oil prices, the government also levied a special additional excise duty (SAED) on crude oil production.

The tax on crude oil producers like ONGC, Oil India and Vedanta alone will fetch the government Rs 69,000 crore annually, considering 29.7 million tonnes of oil production in 2021-22 fiscal (April 2021 to March 2022), media reported.