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Govt hikes windfall tax on crude oil
ONGC & OIL to take a hit; Windfall tax on crude oil rose to Rs9,600/ metric ton with effect from Tuesday from Rs6,800 earlier
image for illustrative purpose
New Delhi: The Government has hiked the windfall tax on crude oil to Rs9,600 per metric ton with effect from Tuesday from Rs6,800 earlier, as part of its fortnightly revision.
Upstream oil exploration and production companies ONGC and Oil India Ltd stand may lose as they will not get the full benefit of rising international prices for their crude. However, the government on the other hand will get more resources to finance its social welfare schemes for the poor and keep its fiscal deficit in check.
