Lower windfall tax may improve realisations of oil producers

The Union government imposed the windfall tax on crude oil and petroleum products in July 2022 in the wake of rising international prices to lower the petroleum subsidy burden. In the recent fortnightly review, the tax dropped to $3.2 per barrel compared with $40 per barrel in July. Crude oil prices have moderated in the last few weeks falling by nearly 38% since June 2022

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