India's oil ministry is requesting the removal of the windfall tax on petroleum products due to falling crude oil prices.
The India n Oil Ministry has asked the country’s Finance Ministry to consider scrapping the windfall tax on petroleum products due to falling crude oil prices , India ’s broadcaster ET Now reported exclusively on Monday, quoting sources. The oil ministry has requested immediate withdrawal of the windfall tax on petroleum products in India , due to the recent slide in crude oil prices and the oil ministry ’s expectation that oil prices are set to go further down, ET Now reported.
India slapped the windfall tax on the country’s oil producers and oil refiners who were exporting more due to the high international price of crude oil and refined products. The new taxes were aimed to serve as an incentive to keep more products at home and export less. “As exports are becoming highly remunerative, it has been seen that certain refiners are drying out their pumps in the domestic market,” a government-issued statement said at the time.
Windfall Tax Oil Prices Petroleum Products Oil Ministry Finance Ministry ONGC Oil India Crude Oil Refining
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