New Delhi:- Crude oil is becoming increasingly expensive. However, at present, the effect of the increase in the price of crude oil is not being seen in the fuel prices in India.
However, in the meantime an important step has been taken by the government. After which tax will now be collected from the government on the export of petrol, diesel and aviation fuel. On increasing the export duty, Avinash Gorakshakar, Head Research, Profit Mart Securities, says that it will not make much difference to the prices of domestic fuel.
Domestic fuel prices have also not been increased for a long time. The foreign reserve with the government is also limited. The government has increased the export duty in terms of its earnings. Avinash Gorakshakar says that due to the increase in export duty, there has been pressure on the oil-related companies in the stock market, which export. In such a situation, there was a fall in their shares on Friday. Reliance and ONGC’s shares saw a fall. Actually, due to increase in export duty, the profits of companies will also decrease.
On the other hand, Chandan Taparia, Technical Analyst of Motilal Oswal, says that increasing the export duty on petrol, diesel and aviation fuel will have a negative effect on the companies. This will increase the pressure on refinery companies. Also, in the coming time, the shares of refinery companies may also see a decline because companies will remain under pressure and its effect will also be seen on profits.