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Govt should scrap windfall profit tax on domestically produced crude oil: FICCI

January 24, 2023 2:33 pm

India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies.

Government cuts windfall tax on crude oil, export of diesel, ATF

January 17, 2023 2:14 pm

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation has been cut to Rs 1,900 per tonne from Rs 2,100 per tonne, the order dated January 16, said.

S Jaishankar defends India's move to import Russian oil; says Europe imported 6 times more than India since Feb 2022

January 03, 2023 9:36 pm

Jaishankar said that if the European political leadership would like to soften the impact of the ongoing Russia-Ukraine conflict to their population, it's a privilege they should extend to other political leaderships as well.

20 pc ethanol-blended petrol to debut within days: Puri

December 23, 2022 10:52 pm

Ethanol extracted from sugarcane as well as agri waste is being mixed with petrol to cut India's dependence on imported oil for meeting its energy needs

Windfall profit tax on crude, diesel cut

December 16, 2022 11:57 am

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut steeply to Rs 1,700 per tonne from Rs 4,900, the order dated December 15 said.

Russia will not export oil subject to Western cap, says Putin energy point man

December 05, 2022 11:27 am

The Group of Seven and Australia on Friday agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland.

Windfall profit tax on crude oil halved, levy on export of diesel too slashed

December 01, 2022 7:16 pm

India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies.

Why lower crude oil prices could be good for the economy

November 29, 2022 12:12 pm

Considering that India's petroleum imports have risen by a staggering 60 per cent between April-October this year, exerting pressure on the currency, lower oil prices if sustained could help bring down the import burden, ease the risks to macroeconomic stability.

Inside Saudi Arabia’s strategy to keep world hooked on oil

November 24, 2022 1:36 pm

The kingdom’s plan for keeping oil at the center of the global economy is playing out around the world in Saudi financial and diplomatic activities, as well as in the realms of research, technology and even education.

Oil prices edge higher as large US crude stock drop outweighs China demand worries

November 23, 2022 1:14 pm

Brent crude futures rose 27 cents, or 0.3%, to $88.63 a barrel at 0719 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 25 cents, or 0.3%, to $81.20 a barrel.