In response to a question in the Rajya Sabha, Minister of State for Petroleum & Natural Gas Rameswar Teli stated that the Special Additional Excise Duty (SAED) collection for FY23 is estimated at a level of ₹25,000 crores from crude oil production, export of gasoline, diesel fuel, and aviation turbine fuel (ATF). The SAED, also…
On Thursday, the government reduced the windfall tax on locally produced crude oil and diesel exports, boosting the intraday share prices of Reliance Industries and ONGC by more than 1.5%. Shares of Reliance Industries began trading at Rs. 2,571 before rising more than 1.5% to reach an intraday high of Rs. 2,618. ONGC reached a…
The biggest oil and gas producer in India, ONGC, said on a conference call with investors that it would reverse years of production drop this year and progressively increase output going forward as it invests billions to produce from more recent discoveries. Oil and Natural Gas Corporation (ONGC) produced 21.707 million tonnes of crude oil…
The government decreased the windfall tax on diesel exports on Wednesday while raising it on domestically produced crude oil. According to a government statement, the tax on crude oil produced by local companies, such as the state-owned Oil and Natural Gas Corporation (ONGC), was increased from Rs 9,500 per tonne to Rs 10,200 per tonne…
Oil and Natural Gas Corp sold oil through a three-month local tender for the first time, commanding $5-$8 per barrel more than existing rates under new rules that enable producers’ marketing freedom, according to industry sources. According to the report, ONGC, the country’s leading oil explorer, accepted bids at that level through an auction of…
Prices of natural gas are likely to rise to record levels at the rate review scheduled this week. On October 1, 2022, The central Government-mandated price for domestic natural gas will be altered. After accounting for the recent spike in energy costs, the price paid for gas generated from old fields, such as those held…
If the finance ministry approves the oil ministry’s proposal to exempt hydrocarbon blocks that were awarded to businesses via the production-sharing contract (PSC) and revenue-sharing contract (RSC) mechanisms from the windfall taxes on domestic crude, the state-run ONGC, and the private sector company Cairn are likely to gain. The oil ministry reportedly argued that the…
The Sensex was down 90 points at 52,682 and the Nifty was down 23 points at 15,845. The equity benchmark Sensex fell more than 90 points in early trade on Wednesday, signaling global signs ahead of the US Federal Reserve policy decision. The 30-share BSE index traded 90.5 points, or 0.17% lower, at 52,682.55 in…
