Ministers said that they would slash the current 75% tax on North Sea oil and gas profits back to its regular 40% if prices reach certain levels. They said they would take the move if the average price of oil fell to or below 71.40 dollars per barrel for two consecutive quarters, and the average price of gas fell to under 54p.
On Friday morning Brent crude oil was trading at 75.38 dollars per barrel. UK gas prices were at around 64p per therm.
The windfall tax was first announced a year ago to ensure that oil and gas companies were paying what they owe and not benefiting unduly from Vladimir Putin's war in Ukraine.
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