The decision to scrap windfall tax comes after nearly two months of deliberations. It will benefit the domestic producers that export the oil to other nations.
The Indian government has reduced the windfall tax on domestically produced crude oil to zero, effective September 18. Previously set at Rs 1,850 per metric ton, the cut comes amid a drop in global oil prices and could lead to lower petrol and diesel costs.
The Houthis took responsibility for attacking the Panama-flagged Blue Lagoon I, which was coming from Russia, but made no mention of the attack on Saudi-flagged MV Amjad. The attacks come as the US seeks to salvage the still-burning MV Delta Sounion attacked by Houthis earlier.
Petrol and diesel prices in India are subject to variations influenced by factors such as freight charges, Value-Added Tax (VAT), and local taxes. These elements contribute to differing fuel rates across states.
OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production.
Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven't risen even amid turmoil in the Middle East and the start of the summer travel season.
During the extensive interview on Thursday at Bharat Mandapam, New Delhi, PM Modi emphasised how he has often faced inquiries regarding India's choice to buy crude oil from Russia following President Vladimir Putin's declaration of full-scale war against Ukraine.
India introduced windfall profit taxes on July 1, 2022, aligning with a host of countries that levy taxes on the exceptional profits of energy corporations. These tax rates undergo regular review every two weeks, contingent on the average oil prices observed in the preceding fortnight.
Petrol and diesel pricing in India undergoes variations due to factors such as freight charges, Value-Added Tax (VAT), and local taxes. This leads to distinct rates across states, reflecting the diverse economic dynamics influencing fuel costs.
The United States, European Union, countries in the Group of Seven and Australia imposed a $60 a barrel limit in 2022 on Russian oil. Any purchases above the cap would violate the agreed-upon policy.
Petrol, Diesel Price: The government is in talks with oil companies as it mulls to reduce the price of petrol and diesel in the coming days. Crude oil prices globally have also become cheaper.
According to media reports, Pakistan urged Russia to finalise a long-term oil deal while remaining within the price cap at $60 per barrel-- nearly $6.8 less than what Moscow sold to India.
The output growth of the eight sectors slowed down to 5.8 per cent in April-June 2023-24 against 13.9 per cent in the year-ago period.
We need to use this (Indian Rupee) money. But for this, these rupees must be transferred in another currency, and this is being discussed now," said Russian Foreign Minister.
India has now become Europe's largest supplier of refined fuels this month as per the latest data from analytics firm Kpler.
It is worth noting that India is the world’s third-largest oil-consuming and importing nation. It imports 85 per cent of its crude oil needs.
The diplomat claimed India is neither Taiwan nor South Korea and added it is a rising power with a powerful economy. Elahi claimed that New Delhi can easily resist the power of the West.
While the windfall profit tax is calculated by taking away any price that producers are getting above a threshold, the levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments.
Kay has two more songs in the works before this year ends. A collaboration with Indian social media influencer Manav Chabbra and another Hindi single titled “Mein Jaau Kaha”.
Business News: In the 30-share Sensex pack, Titan, Power Grid, Maruti, Mahindra & Mahindra, Bharti Airtel, Hindustan Unilever, ICICI Bank, and State Bank of India were the major laggards.
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