The Government has cut the windfall tax on crude oil to Rs 8,400 a metric ton from Rs 9,600 with effect from Wednesday as part of its fortnightly revision.
Upstream oil exploration and production companies ONGC and Oil India Ltd stand to gain as they will have to pay a lower tax on their crude.
The reduction in the windfall tax has been announced in view of the decline in crude oil prices in the market which means the upstream oil companies are not making as much money as they were earlier.
The government had on April 16 raised the windfall tax on petroleum crude to Rs 9,600 a metric ton from Rs 6,800 due to the sharp increase in oil prices at the time.
The windfall tax on crude was introduced in July last year as a sudden spike in prices had increased the earnings of the oil companies and the government wanted to tap part of this gain to reduce the fiscal deficit.
The windfall tax was extended to exports of petrol, diesel and aviation fuel after private refineries started raking in big gains from overseas markets, instead of selling the fuels in the domestic market.
The government has left the windfall tax on these fuels unchanged in the current round.
UK PM announces new 1.6-billion-pound deal for Ukraine to buy missiles
British Prime Minister Keir Starmer announced that Britain will allow Ukraine to use 1.6 billion pounds ($2 billion) of British export finance to purchase more than 5,000 air defence missiles.
'PM Modi working for welfare of all communities without discrimination', says Hazrat Nizamuddin Dargah Committee chief
Hazrat Nizamuddin Aulia Dargah Committee Chairman Syed Afsar Ali Nizami on Sunday praised Prime Minister Narendra Modi for attending the Sufi music festival 'Jahan-e-Khusro' and said that he gave the message of brotherhood and works for the welfare of all communities and religion without any discrimination.
Mizoram: Security forces seize drugs valued at Rs 66.31 crore
The Assam Rifles in association with Mizoram Police in two separate joint operations have seized huge quantities of drugs worth Rs 66.31 crore from bordering Champhai district, which shares unfenced border with Myanmar and a hotspot of drugs smuggling, officials said on Sunday.
International Wheelchair Day: India emphasises inclusion of persons with disabilities
This day not only highlights the significance of wheelchairs in the lives of users but also serves as an important opportunity to enhance awareness and inclusivity in society, said the ministry on the occasion of the ‘International Wheelchair Day 2025’.
BJP committed to holistic development of Tripura – CM Dr Manik Saha celebrates 2 years of BJP’s second tenure in Tripura
Chief Minister Dr Manik Saha on Sunday joined the party’s celebration of 2 years of its second tenure in Tripura and said that the BJP is committed to holistic development of the state.
Communism is a system designed to ruin future of youth: Biplab
Former Tripura Chief Minister and Lok Sabha MP Biplab Kumar Deb launched a scathing attack on the CPI(M), asserting that Communism is a system designed to ruin the future of youth and women.
5 including four Govt officials arrested for embezzlement of Rs 29 Lakh in Sepahijala SP Office
Five individuals, including four government officials, have been arrested for their involvement in the embezzlement of Rs 29.04 lakh from the office of the Sepahijala District Superintendent of Police. A case was filed in February 2024 by the Drawing and Disbursing Officer (DDO) of the SP's office, leading to an investigation.
Another member of robbery gang held, Weapons, TSR uniforms seized
Tripura Police of Churaibari police station has arrested another active member of the dacoity gang involved in the recent armed heist in Gobindapur, North Tripura district.