While the central government’s decision to withdraw windfall taxes on local crude oil could be positive for upstream oil producers such as Oil and Natural Gas Corp. Ltd (ONGC) and Oil India Ltd (OIL), analysts are wary.
The government on Tuesday slashed windfall taxes on domestic crude oil to zero from ₹3,500 a tonne ($5.8 a barrel earlier).
The special additional excise duty (SAED) on diesel has also been cut to ₹0.5 a litre, including cess, compared to ₹1 a litre earlier, while those on ATF and petrol remained unchanged.
The revision typically takes place every fortnight.
On 4 April, the government took into consideration declining crude price during the fortnight ended 1 April to arrive at the decision. However, considering that oil prices started moving up yet again from Monday, the windfall taxes may be reinstated if prices continue to rise further.
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