The windfall tax was cut to nil because the average crude oil price fell sharply in the previous fortnight. But, international crude prices have soared again after the Organisation of the Petroleum Exporting Countries (OPEC) and its allies such as Russia (together called OPEC+) pledged to cut output from next month to keep oil prices artificially high. If prices rise, the levy will automatically be restored, the officials said, requesting anonymity.
The government adjusts the levies twice a month by aligning them to global oil price movements.
This story is from the April 05, 2023 edition of Hindustan Times.
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This story is from the April 05, 2023 edition of Hindustan Times.
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