ONGC expects further lowering of windfall tax in next reset
Rajesh Kumar Srivastava, Director-Exploration at Oil and Natural Gas Corporation (ONGC) expects crude prices to settle at lower levels.
ONGC expects windfall tax to further come down in the coming days. The Narendra Modi government revised the newly-introduced windfall tax levied on crude oil, diesel and Aviation Turbine Fuel (ATF) downwards on August 19 in its periodic assessment.
According to the government notification, the tax on domestically produced crude oil has been reduced to Rs 13,000 per tonne while export taxes on jet fuel has been hiked to Rs 2 per litre from zero.
This is the third revision in the windfall levy imposed on July 1. The cess is reviewed fortnightly taking into consideration the global crude prices.
While discussing this with CNBC-TV18, Rajesh Kumar Srivastava, Director-Exploration at Oil and Natural Gas Corporation (ONGC), said, “The mechanism that has been built by the government is of a periodic review. We believe with this review, there would be a further downward revision in the cess.”
He expects crude prices to settle at lower levels. “Right now, even though there is an upward revision, the general trend anticipated is it will stabilize at a lower price,” he said.
For the full interview, watch the accompanying video
(Edited by : Abhishek Jha)
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