India lowers windfall tax on crude petroleum to Rs 9,050 per tonne

This decision comes at a time when the prevailing geopolitical tension in West Asia has raised possibilities of crude oil price hikes, as per many experts. The global crude oil market is on tenterhooks as tensions in the Middle East continue to surge, said Peter McGuire, CEO of XM Australia, while pointing to the potential for crude oil prices to skyrocket to the $100 per barrel mark.

“It has got the potential to be up higher, I mean it has just been dynamic. So, possibly $95/bbl, maybe $100/bbl in this rally,” said McGuire in an interview with CNBC-TV18.

Also, in an interaction with CNBC-TV18, Harsha Upadhyaya, Chief Investment Officer at Kotak Mahindra Asset Management Co. said that there could be some pressure on margins due to crude prices moving upwards.

“We have seen a 30% rise in crude prices over the last 3 months, from $70 to $90 a barrel. So there has already been an increase. This will flow into margins over the next 1-2 quarters with a lag,” he said.