ONGC, Oil India Ltd to gain as Govt cuts windfall tax on crude oil
Upstream oil exploration and production companies ONGC and Oil India Ltd will benefit from the announcement as they have to pay the windfall tax on their crude oil output.
Upstream oil exploration and production companies ONGC and Oil India Ltd will benefit from the announcement as they have to pay the windfall tax on their crude oil output.
A delegation of the ONGC called on the Lieutenant Governor of Ladakh, Brigadier (Dr) BD Mishra (Retd), and brought to his notice about the challenging assignment.
The minister further said that he is not in favour of divestment of government stake in state-run oil companies. "Why would we divest ourselves of highly successful Maharatnas like BPCL," he said.
In separate filings, the IOC, HPCL, BPCL, GAIL, OIL and MRPL said they have been slapped with a fine of Rs 536,900 each for the fourth quarter. ONGC faced a fine of Rs 182,900.
The minister further said the government is not against the idea of holding a minority stake in key strategic public sector companies.
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).
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The tax on crude oil produced by State-owned ONGC was hiked to Rs 10,200 per tonne from Rs 9,500 per tonne, with effect from Thursday, according to a notification.
