Government hikes windfall tax on crude oil to Rs 9,600 per metric ton; ONGC & Oil India to take hit
Upstream oil exploration and production companies ONGC and Oil India Ltd stand may lose as they will not get the full benefit of rising international prices for their crude. However, the government on the other hand will get more resources to finance its social welfare schemes for the poor and keep its fiscal deficit in check.
The government had first imposed the windfall tax on crude oil in July last year. Image | Pixabay