Windfall tax: $12 margin hit for Reliance; Govt rakes in ₹1.3 lakh crore

In a surprise move, the government on July 1 increased import duties on gold (by 5 per cent), added export duties on petrol and ATF ( ₹6/litre; USD 12 per barrel) and diesel ( ₹13/liter; USD 26/bbl) and slapped a windfall tax on domestic crude production ( ₹23,250 per tonne; USD 40/bbl).

Crude Oil Tax: Windfall tax to recoup most of ₹1 lakh crore revenue lost in excise cuts

Windfall tax to recoup most of ₹1 lakh cr revenue lost in excise cuts

Plunging Rupee Pushes India to Raise Taxes on Gold, Oil

India tightened exports of oil and imports of gold in an all-out effort to rein in the rupee that plunged to a fresh record Friday.

Oil Set for First Monthly Decline This Year Before OPEC+ Meeting

Oil is heading for the first monthly decline since November as OPEC+ ministers prepare to gather to discuss the group’s supply policy.

Govt gives ONGC, Vedanta freedom to sell crude oil

While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the government fixed buyers for crude produced from older fields, such as Mumbai High of ONGC and Ravva of Vedanta.

Can Saudi Aramco Meet Its Oil Production Promises?

The oil giant is running out of capacity to pump more crude.

Oil Dips as Traders Flip Focus to Slowdown Despite Tight Market

Oil took a breather after a three-day rally as concerns over a demand-sapping recession filtered back into the market, overshadowing signs that global stockpiles and supply continue to tighten.

India rupee at record lows, but RBI intervention slows slide

The partially convertible rupee was trading at 78.75/76 per dollar by 0745 GMT, compared to its close of 78.34 on Monday. The unit touched an all-time low of 78.7750 just earlier in the session.

Oil extends gains as major producers flag capacity limits

U.S. West Texas Intermediate (WTI) crude futures rose $1.8, or 1.6%, to $111.36 a barrel by 0644 GMT, extending a 1.8% gain in the previous session.

OMCs lost ₹10-12 a litre on sale of petrol, diesel: Report

Crude oil prices have been on the rise since the beginning of the Russian-Ukraine war on February 24. Refined fuel prices have risen even faster than crude oil in the international market.

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Windfall tax: $12 margin hit for Reliance; Govt rakes in ₹1.3 lakh crore

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