Oil India, ONGC shares tank on windfall oil tax worries

28 May, 2018, 11:24 | Author: Gladys Mathis
  • ONGC and Oil India shares slumped nearly 7% on Thursday after PTI reported that the government may levy a windfall tax on oil producers to soften fuel prices

For example, for one litre of petrol costing Rs 70 the Central and state taxes amounted to Rs. 36.30 and oil price came to only Rs. 33.70 = Rs. 70. The petrol price rose again in July 2014, reaching Rs 81.43 a litre, before it started sliding in August.

According to him, the Ministry is considering bringing petroleum products under the purview of the GST in order to bring down the prices of petrol and diesel. Petrol was hiked by 43 paise to Rs 86.08 per litre in Mumbai.

Market observers told The Hitavada that increased fuel price have started showing impact on many commodities.

Interestingly, the hike came in the wake of marginal drop in price of crude oil in the worldwide market.

The price Brent crude oil, however, has declined around $3 per barrel in the last two days, which raises hopes of easing fuel prices in the country.

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From plunging to $26 in February 2016 before climbing back to around $78 per barrel on Tuesday, oil prices have defined volatility.

He said there were several reasons contributing to petrol and diesel price rise including the uncertain political conditions in oil exploring countries and the worldwide market. For growth, low crude prices are a positive impetus through higher discretionary incomes for households and lower input costs for business/manufacturers alongside agricultural production. The diesel price, meanwhile, rose from Rs 69.06 on Sunday to Rs Rs 69.17 today. They are far faster at passing on rises than falls.

Under the scheme, oil producers, who get paid worldwide rates for the oil they produce from domestic fields, would have to part with any revenue they earn from prices crossing $70 per barrel mark.

Though all countries have access to the same global price for crude oil, retail prices in each depend on taxes. Besides, he said that the sharp imbalance in dollar and rupee also plays a major role in the fuel price hike. With the West Asian situation getting uncertain, thanks also to the idiosyncrasies of US President Donald Trump, disruption in supplies and consequent pressures on crude prices can not be ruled out.

The government is likely to call a meeting to find a solution to the price hike.

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