Home
News
Oil
Reliance Plunges 7.6% After India Raises Fuel Export Taxes

News Oil

Reliance Plunges 7.6% After India Raises Fuel Export Taxes

By Bloomberg

Jul 01, 2022

image is BloomburgMedia_REBRFAT1UM0X01_01-07-2022_06-00-11_637922304000000000.jpg

Reliance Industries Ltd. signage at a gas station near the company's oil refinery in Jamnagar, Gujarat, India, on Saturday, July 31, 2021. The Indian city of Jamnagar is a money-making machine for Asia's richest man, Mukesh Ambani, processing crude oil into fuel, plastics and chemicals at the world's biggest oil refining complex that can produce 1.4 million barrels of petroleum a day. Photographer: Dhiraj Singh/Bloomberg

(Bloomberg) -- Reliance Industries Ltd. slumped the most since December after the Indian government raised taxes on exports of petroleum products such as gasoline, diesel and jet fuel.

The heavyweight’s stock fell as much as 7.6%, dragging the benchmark S&P BSE Sensex lower amid broad declines in Asian equities.

READ: India Raises Taxes on Export of Gasoline, Diesel, Jet Fuel

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

By Ashutosh Joshi

RIL@IN ALLTOP ASIA ASIATOP BUSINESS CMD COS GOV INDIA INDUSTRIES MARKETS NRG OIL STK WORLD WWTOP WWTOPAS

KEEPING THE ENERGY INDUSTRY CONNECTED

Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.

By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.

JOIN THE CONVERSATION

More oil news

BloomburgMedia_SRA5LYT0AFB400_07-02-2025_19-00-09_638744832000000000.png — Stocks Slide as Tariff Angst Adds to Price Worries: Markets Wrap

BloomburgMedia_SRAHB2T1UM0W00_07-02-2025_05-00-11_638744832000000000.jpg — China’s Oil Teapots Cut Runs to Pandemic Levels After Sanctions

Shutterstock 2185901847 — China Refiners Set to Resell US Oil Cargoes After Tariff Blitz

Shell (1) — Shell starts up new facility in UK North Sea, restoring production from the Penguins field

BloomburgMedia_SR5FLWDWLU6800_06-02-2025_06-25-17_638743968000000000.jpg — Oil Falls to Lowest Settlement Price of 2025 as Traders Flee

BloomburgMedia_SR3JFODWX2PS00_04-02-2025_05-16-45_638742240000000000.jpg — Oil Falls After Trump Delays Canada, Mexico Tariffs by a Month

BloomburgMedia_SQR4ECDWRGG000_04-02-2025_05-19-06_638742240000000000.jpg — Wright Confirmed to Lead Energy Agency Key to Trump’s Plans

BloomburgMedia_SR2VXDDWLU6800_03-02-2025_07-27-11_638741376000000000.jpg — Oil Rises as Trump Slaps Tariffs on Biggest Crude Supplier to US

BloomburgMedia_SR01QMDWLU6800_03-02-2025_07-34-48_638741376000000000.jpg — UAE’s Adnoc Aims to Buy Nova Chemicals, Roll Into Deal With OMV

BloomburgMedia_SQY8C9T0G1KW00_03-02-2025_07-55-39_638741376000000000.jpg — Ukrainian Drone Surge Highlights Russian Oil Refining Risk

Watch/Listen

Podcast Thumbnail Robin Mills 510X300 — Navigating the new energy agenda in the US and beyond

Standardising Digital Systems In Energy — Standardising digital systems in energy

Shaping The Future Of Energy With Advanced Technologies, Sustainability, And Global Collaboration — Shaping the future of energy with advanced technologies

Anne Sophie — Low-carbon LNG solutions to drive the energy transition

Partner content

1964550357 7C0b5fe3b6cd40d7709589dafa45fcbe00eac809261375d1cff307e356442517 D 640 — Regulatory pressures and investor expectations are shaping sustainability in energy

1962363126 3E20404455519afe6333e334d681c66809ae35b412031a4fea724d246e31aa34 D 640 — Unlocking the potential of the region's sustainable energy future

Paul Ticehurst, Managing Director For Hycogen And FT Liquids, Johnson Matthey — Harnessing feedstock diversity for sustainable aviation fuel production

Setting New Standards In Diversified Maritime Solutions — Setting new standards in diversified maritime solutions

©2023 Energy Connects. All Rights Reserved

ABOUT US | CAREERS | PRIVACY POLICY | COOKIE POLICY | | CONTACT US

Member of

dmg events is an international exhibition and conference organiser, publisher and information provider to the Energy, Construction, Plastics, Coatings, Manufacturing, Transport, Design and Hospitality industries.

Back To Top