• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

ONGC, Oil India Ltd To Benefit As Govt Cuts Windfall Tax On Crude Oil

OMMCOM NEWS by OMMCOM NEWS
November 16, 2023
in Business
cruid oil

New Delhi: The government on Thursday reduced windfall tax on crude oil to Rs 6,300 per tonne from Rs 9,800 in its fortnightly review which will benefit upstream oil companies including ONGC and Oil India Ltd.

In the last fortnightly review on October 31, the government had hiked the windfall tax on crude to Rs 9,800 per tonne from Rs 9,050 with effect from November 1 as oil prices had risen.

The increase in windfall tax helps the government to raise more funds to finance the subsidy on LPG and CNG while keeping the fiscal deficit in control.

However, companies like ONGC and Oil India lose out as they cannot get the full benefit of rising international prices for their crude.

The special additional excise duty on diesel was also halved to Re 1 from Rs 2 per litre, according to the notification.

The government first imposed the windfall tax on crude oil in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners started making gains from robust refining margins in overseas markets, instead of selling at home.

(IANS)

Tags: crude oil
ShareTweetSendSharePinShareSend
Previous Post

FTC Chair Lina Khan Uses ChatGPT To Fight Medical Bill

Next Post

India-NZ Semi-Final Sends ‘Tiger 3’ BO Collections Plummeting

Related Posts

Trump
Business

Trump’s ‘Dead Economy’ Jibe Falls Flat As India’s GDP Growth Surges To 7.8 Pc

August 29, 2025
Lucknow
Business

Adani Airports Plans Big Upgrade For Lucknow International Airport, To Spend Rs 10,000 Crore

August 29, 2025
Energy Efficiency Index
Business

Maharashtra Ranks First In State Energy Efficiency Index 2024

August 29, 2025
Centre
Business

Centre Transfers Over Rs 4.28 Lakh Crore As Tax Revenue To States

August 29, 2025
Piyush Goyal
Business

India, Africa Must Double Bilateral Trade By 2030: Piyush Goyal

August 29, 2025
GDP
Business

India’s GDP Growth Accelerates To 7.8 Pc In April-June Quarter

August 29, 2025
Next Post

India-NZ Semi-Final Sends 'Tiger 3' BO Collections Plummeting

SC Annuls Gauhati HC Order Requiring Assam Govt To Frame Legislation To Regulate Kamakhya Temple

ARREST

Suspected Mastermind In Murder Of TMC Leader At Jaynagar Arrested

khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.