India considers removing windfall tax on domestic crude oil due to declining global prices.
India's Finance Ministry is considering the removal of the windfall tax on domestic crude oil, as suggested by Tarun Kapoor, an advisor to the Prime Minister. The tax, introduced in 2022 to address high oil company profits, has become less relevant due to declining global prices. The Ministry of Petroleum and Natural Gas has formally requested its abolition, noting that companies are not profiting excessively at current prices below $80 per barrel.
October 23, 2024
6 Articles