Oil India Ltd is anticipating a “wholesome revenue” for the quarter ending September 30 regardless of a levy of windfall tax on crude gross sales, Harish Madhav, head of finance on the state-run oil producer, mentioned on Saturday.
India imposed a windfall tax on oil producers in July amid claims the trade was making irregular earnings on account of a spike in international crude costs. The tax has been diminished from ₹23,250 ($286) per tonne to ₹10,500 per tonne to mirror a fall in international oil costs.
The windfall tax has averaged round $25-$26 per barrel through the quarter, resulting in Oil India realising $80 a barrel, Mr. Madhav informed a information convention.
“That is a lot better than what we had realised earlier. So we should always have the ability to make a wholesome revenue,” he mentioned.
By- The Hindu
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