The Indian government has once again raised the windfall tax on petroleum crude oil, this time to Rs 3,300 (USD 39.76) per metric ton, effective from 16 February 2024. This marks the second increase in two weeks, following a previous hike from Rs 1,700 to Rs 3,200 on 3 February 2024. Additionally, the government reintroduced […]
India raised the windfall tax on petroleum oil to Rs 3,200 per tonne on Saturday, a considerable increase from the previous rate of Rs 1,700. Furthermore, the windfall tax on diesel and aviation turbine fuel remains unchanged, at zero, as stated by the government late last Friday. This development follows a preceding decision on 16 […]
The paint industry anticipates a vibrant Q3 amidst changing market dynamics. Amid the soft second quarter two of financial year 2024 (Q2FY23) performance in the paint segment, the players are expecting a positive change in the upcoming quarter three of financial year 2024 (Q3FY24) results fueled by festive season demand. While the market conditions have […]
India’s attempt to use the rupee for crude oil imports has not been given the desired outcomes, said the Oil ministry. The suppliers have expressed concerns about repatriating funds and high transactional costs. As per international trade practice, the default payment currency for all contracts for importing crude oil is the USD. However, to globalise […]
A decline in international crude oil prices will help control India’s inflationary pressures going forward, the country’s finance ministry said in a report on Tuesday. India’s retail inflation eased in October to a four-month low of 4.87 per cent, edging closer to the central bank’s target of 4 per cent. India’s crude oil basket has […]
India cut the windfall tax on diesel and crude oil on Thursday, according to a government notification. The government cut the windfall tax on crude oil to Rs 6,300 a tonne from 9,800 rupees a tonne while cutting the diesel windfall tax to 1 rupee per litre from Rs 2 per litre, the notification said. […]
The central government has withdrawn all windfall tax on crude oil with immediate effect, according to a government notification. This comes at a time when global crude oil prices rose after the group of oil-producing countries decided to cut output come May this year. The Organisation of the Petroleum Exporting Countries (OPEC) Plus oil producers […]
