Synopsis
The Union government imposed the windfall tax on crude oil and petroleum products in July 2022 in the wake of rising international prices to lower the petroleum subsidy burden. In the recent fortnightly review, the tax dropped to $3.2 per barrel compared with $40 per barrel in July. Crude oil prices have moderated in the last few weeks falling by nearly 38% since June 2022
ET Intelligence Group: A consistent drop in the windfall tax on crude oil augurs well for the upstream companies, including ONGC and Oil India. Their stocks have outperformed the benchmark indices by 12-18% in the past three months.The Union government imposed the windfall tax on crude oil and petroleum products in July 2022 in the wake of rising international prices to lower the petroleum subsidy burden. In the recent fortnightly review, the
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