Crude oil

ONGC, OIL to gain as govt cuts windfall tax on crude oil

The central government has reduced the windfall tax on domestic crude oil with effect from October 18 from Rs 12,200 a tonne to Rs 9,050 in its fortnightly review which will benefit upstream oil companies, including ONGC and Oil India Ltd (OIL).

Several measures taken to control crude oil volatility: Puri

Puri, who was speaking at a programme called the ‘Open House with the Union Minister of Petroleum and Natural Gas, and Housing and Urban Affairs’ here, said India has demonstrated a great deal of resilience in the face of global energy crisis.

The impact of high crude oil prices in India

As OPEC evidently doesn't have a role in the demand for crude oil, it has full control over the supply chain, and hence in order to influence the price, they simply increase or decrease the price.