shares of reliance industries ltd and oil  natural gas corp rose sharply wednesday after the indian government cut taxes on fuel exports reliance shares were recently 25 higher at 250180 rupees 3133 after rising as much as 43 earlier while oil  natural gas shares were up 53 at inr13420 the indian government removed a tax of inr6 per liter on gasoline exportseffective wednesdayand lowered a tax on diesel exports less than a month after imposing the two levies according to official notices the governments decision to lower the windfall taxes in response to the decline in prices of global crude and refined products comes as a significant relief to both reliance and oil  natural gas citi analyst saurabh handa said in a research note citi expects reliance to be a sustained beneficiary as the tax cut removes a significant overhang for the stock and should preclude earningsdowngrade risks from a correction in refining margins mr handa said reliance is scheduled to report its quarterly results on friday