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).

Going up! Petrol, diesel prices rising as India opens

1. These rise of prices in India is backed by the rise of international crude oil rates. 2. Government is collecting approximately 270 per cent taxes on the base price of petrol and 256 per cent in the case of diesel. 3. This steep rise in excise duty has resulted without resultant increase in petrol and diesel prices, had substantially brought down its marketing margins.