At the 49th GST council meeting, the Finance Minister Nirmala Sitharaman stated petroleum products such as petrol and diesel could be included under the Goods and Service Tax (GST) regime once the states government agree to it. She also added, GST council members need to finalize a rate before petroleum products are added under GST.
Meanwhile, Nifty Oil and Gas index has remained a top loser so far this year, declining over 14 per cent. However, a few of its constituents, like Oil & Natural Gas Corporation, Indian Oil Corporation and Oil India have succeeded in scaling crucial levels. So far this year, Oil India is up 25 per cent, while Oil & Natural Gas Corporation and Indian Oil Corporation gained 6 per cent and 5 per cent, respectively.
Barring Reliance Industries, all other constituents like Hindustan Petroleum Corporation, Bharat Petroleum Corporation and Oil & Natural Gas Corporation lost over 0.50 per cent on Monday. Reliance
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