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.
Its gross revenue also declined by 30.9 per cent to Rs 16,917 crore as compared to Rs 24,493 crore in the previous fiscal year.
As per the reports, the fire was reportedly caused by a rupture in the 36-inch Uran-Mumbai gas pipeline.
The PSU also said that it is making efforts to get the taxes and duties rationalised due to the severe impact caused by the pandemic.
There are indications that restrictions on the movement of people and goods are likely to continue after April 14 when the lockdown ends.
The demand for crude oil and refined products has fallen because of the low seasonal demand.
