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India has cut the windfall tax on crude oil to ₹ 4,100 per tonne, while leaving the levy on petrol, diesel and aviation turbine fuel at zero

Government cuts windfall tax on crude oil to ₹ 4,100 per tonne

India has cut the windfall tax on crude oil to ₹ 4,100 per tonne, while leaving the levy on petrol, diesel and aviation turbine fuel at zero

Centre has slashed the windfall tax on crude oil to ₹ 4,100 per tonne from ₹ 6,400 per tonne. As per a government notification, this will be effective from 2nd May 2023.&nbsp;
However, government has left the windfall tax on petrol, diesel and aviation turbine fuel at zero. Earlier, on April 4, tax on petroleum crude was cut to zero from ₹ 3,500 per tonne. On 19th April, India hiked the levy on crude to ₹ 6,400 per tonne.&nbsp;&nbsp;
The tax rates are revised forthnightly based on the oil prices that fluctuate. Windfall tax is a higher tax levied by the government on specific industries when they experience unexpected and above-average profits.&nbsp;
India levied the windfall tax for the fist time on 1st July last year, joining a large number of nations that tax super normal profits of energy companies. As per Economic Times, at that time, export duties of ₹ 6 per litre ($12 per barrel) each were levied on petrol and ATF and ₹ 13 a litre ($ 26 a barrel) on diesel.
&nbsp;

Windfall tax on crude petroleum cut to Rs 4350 from Rs  5050 per tonne. The tax on export of diesel to cut to Rs 2.5 per litre from Rs 7.5, and on overseas shipments of ATF to Rs 1.50 a litre from Rs 6 a litre. 




Windfall tax slashed for crude, petroleum, diesel, ATF

Windfall tax on crude petroleum cut to Rs 4350 from Rs  5050 per tonne. The tax on export of diesel to cut to Rs 2.5 per litre from Rs 7.5, and on overseas shipments of ATF to Rs 1.50 a litre from Rs 6 a litre. 

Windfall tax on crude petroleum cut to Rs 4350 from Rs&nbsp; 5050 per tonne. The tax on export of diesel to cut to Rs 2.5 per litre from Rs 7.5, and on overseas shipments of ATF to Rs 1.50 a litre from Rs 6 a litre.&nbsp;
&nbsp;
<h2 class="article_desc">&nbsp;</h2>

The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order.
The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said.
Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
The government has also cut the tax on export of diesel to Rs 2.5 per litre from Rs 7.5, and the same on overseas shipments of ATF to Rs 1.50 a litre from Rs 6 a litre.
The new tax rates come into effect from February 16.
The reduction follows an increase in the levy effected earlier this month.
The export levy on diesel is the lowest since the tax was introduced in July last year. The rate on export of jet fuel (ATF) equals the lowest rate hit in second half of December.
The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel.
A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied.
The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel.
&nbsp;

Indian refiners are looking to gain a massive price advantage by buying oil at big discount from Russia as per reports.As oil prices continue to hover around $120/bbl and the rupee tumbles towards record lows, refiners as per a report on Bloomberg are looking to finalise a 6-month&nbsp;collectively supply contract for Russian crude to India with state firm Rosneft.&nbsp;At a time when global crude prices are hovering at $120/bbl and rupee heads towards a record low, as an oil importer India has been looking to protect consumers that are hit by record high prices. India is not in violation of any sanction by purchasing this oil but has received criticism for it from western allies who want oil trade with Russia to stop.&nbsp;&ldquo;We don&rsquo;t send people out there saying go buy Russian oil, we send people saying go buy oil,&rdquo; Subrahmanyam Jaishankar, Minister of External Affairs said at a conference on Friday. &ldquo;Now you buy the best oil you can in the market. I don&rsquo;t think I would attach a political messaging to that.&rdquo;As per Bloomberg India has bought more than 40 million barrels of Russian oil between late-February and early-May, which comes to about 20% more than flows for all of 2021.&nbsp;

India in talks to buy more oil from Russia: reports

Indian refiners rush for 'oil discount' at the Russian counter

India&rsquo;s purchases of Russian crude aren&rsquo;t illegal or in breach of any sanctions

Indian refiners are looking to gain a massive price advantage by buying oil at big discount from Russia as per reports.As oil prices continue to hover around $120/bbl and the rupee tumbles towards record lows, refiners as per a report on Bloomberg are looking to finalise a 6-month&nbsp;collectively supply contract for Russian crude to India with state firm Rosneft.&nbsp; At a time when global crude prices are hovering at $120/bbl and rupee heads towards a record low, as an oil importer India has been looking to protect consumers that are hit by record high prices. India is not in violation of any sanction by purchasing this oil but has received criticism for it from western allies who want oil trade with Russia to stop.&nbsp; &ldquo;We don&rsquo;t send people out there saying go buy Russian oil, we send people saying go buy oil,&rdquo; Subrahmanyam Jaishankar, Minister of External Affairs said at a conference on Friday. &ldquo;Now you buy the best oil you can in the market. I don&rsquo;t think I would attach a political messaging to that.&rdquo; As per Bloomberg India has bought more than 40 million barrels of Russian oil between late-February and early-May, which comes to about 20% more than flows for all of 2021.&nbsp;

In a warning that would burn holes in global economies, Russian Deputy Prime Minister said crude oil could surge to $300/bbl if western forces implemented a ban on Russian fuel.&nbsp;In a televised broadcast&nbsp;Deputy Prime Minister Alexander Novak&nbsp;said "Rejection of Russian oil would lead to catastrophic consequences for the global market..&nbsp;The surge in prices would be unpredictable. It would be $300 per barrel if not more."Crude oil prices surged to their highest levels since 2008 after U.S. Secretary of State Antony Blinken said western allies were considering banning oil imports from Russia in response to its invasion of Ukraine.

Crude Oil could go to $300/bbl warns Russia if oil export is sanctioned

Big Warning on Oil Prices from Russia

Antony Blinken:&nbsp;western allies were considering banning oil imports from Russia in response to its invasion of Ukraine.

In a warning that would burn holes in global economies, Russian Deputy Prime Minister said crude oil could surge to $300/bbl if western forces implemented a ban on Russian fuel.&nbsp; In a televised broadcast&nbsp;Deputy Prime Minister Alexander Novak&nbsp;said "Rejection of Russian oil would lead to catastrophic consequences for the global market..&nbsp;The surge in prices would be unpredictable. It would be $300 per barrel if not more." Crude oil prices surged to their highest levels since 2008 after U.S. Secretary of State Antony Blinken said western allies were considering banning oil imports from Russia in response to its invasion of Ukraine.

Futures and options trade of Crude Oil in the international market is indicating that traders are betting that prices could soar as high as $200/bbl as the US threatens sanctions against Putin&nbsp;backed oil. Russia is the second largest exporter of oil just behind Saudi Arabia.Vitol Group, the world&rsquo;s biggest independent crude trader was quoted as saying there are many twists and turns to come and the market could see shortages going ahead.&nbsp;JPMorgan Chase also said last week that Brent crude could end the year at&nbsp;$185 a barrel if oil supply from Russia is disrupted.&nbsp; Several commodity&nbsp;hedge funds&nbsp;and Wall Street banks such as Goldman Sachs Group , which says oil could reach&nbsp;$150 which is now in kissing distance.&nbsp;

The Oil bets are on: Crude prices likely to surge to $200/bbl

Futures and options trade of Crude Oil in the international market is indicating that traders are betting that prices could soar as high as $200/bbl as the US threatens sanctions against Putin backed oil. Russia is the second largest exporter of oil just behind Saudi Arabia.


Crude prices likely to surge to $200/bbl

Possible Russian energy ban sends oil prices soaring

Futures and options trade of Crude Oil in the international market is indicating that traders are betting that prices could soar as high as $200/bbl as the US threatens sanctions against Putin&nbsp;backed oil. Russia is the second largest exporter of oil just behind Saudi Arabia. Vitol Group, the world&rsquo;s biggest independent crude trader was quoted as saying there are many twists and turns to come and the market could see shortages going ahead.&nbsp; JPMorgan Chase also said last week that Brent crude could end the year at&nbsp;$185 a barrel if oil supply from Russia is disrupted.&nbsp; Several commodity&nbsp;hedge funds&nbsp;and Wall Street banks such as Goldman Sachs Group , which says oil could reach&nbsp;$150 which is now in kissing distance.&nbsp;

Ukraine war , crude prices latest, OPEC meet news

Amid Russia-Ukraine war, crude oil alliance OPEC meets today

The OPEC bloc led by Saudi Arabia, the group’s largest oil producer, while Russia is the biggest player among the non-OPEC countries, the alliance, controls half of global crude supply. Russia and Saudi Arabia both contribute 23.9%  each into the total OPEC production.

Big warning as crude surges to $110: Global energy security is under threat

<div class="abstract-item-text__d2d4dde8">Situation in energy markets &lsquo;serious&rsquo;: IEA Executive Director</div>

Global energy security is under threat warns the&nbsp;International Energy Agency as crude prices soar past the $110/bbl mark even as the mega oil alliance OPEC&nbsp;meets on Wednesday. Experts however have little expectation of support from the Saudi Arabia led coalition to take action to negate supply hit from Russia.&nbsp; The OPEC bloc led by Saudi Arabia, the group&rsquo;s largest oil producer, while Russia is the biggest player among the non-OPEC countries, the alliance, controls&nbsp;half of global crude supply.&nbsp;Russia and Saudi Arabia both contribute 23.9%&nbsp; each into the total OPEC&nbsp;production. Goldman Sachs analysts said that oil prices are "entering political intervention territory." But the&nbsp;Arab world has thus far not taken a position in the Ukraine crisis even as US President Joe Biden is facing pressure&nbsp; cut off&nbsp;U.S. imports of Russian oil and gas to escalate the cost to Russia, but US has little reassurance from ex-Russia oil producers to fill the gap.&nbsp; Riyadh, Abu Dhabi and also Egypt, have become weary of the lack of commitment of Washington as a military and economic partner. Arab sovereign wealth funds are increasingly investing in Russia, China and Asia, while Russian investments in ports and industrial zones, such as along the Suez Canal, have a political impact too.&nbsp;

India faces tough crude realities as the oil surges above a 7 year high towards the feared $100 mark. Here is why crude concerns as escalating for the subcontinent. 

India is the world’s third-biggest oil user
Annual oil demand seen at an all time high - 214.5 million tons 
India imports over 80% of it's crude demand 
India paid $82.4 billion for the crude oil it imported in the nine months through December 2021
Crude bill for India set to top $100 billion this year 
This is a 109% jump over last year same period though amount imported only went up by 9%
Every $1 rise in crude oil prices increases India’s import bill by about $1.5 billion 
The average price is about $79 per barrel this fiscal year as against $45 in 2020-21 and $60.5 in 2019-20
Double whammy of a stronger dollar playing out - For every rupee value decrease vs dollar increases spending by upto Rs 2,700 cr
 


Crude Oil hits $100/bbl - this is why Putin is now India's biggest problem

India faces tough crude realities as the oil surges above a 7 year high towards the feared $100 mark. Here is why crude concerns as escalating for the subcontinent. 

Crude oil prices soar - B'oil'ing problem for India as Ukraine-Russia war continues

Crude oil prices surge as Russian assault prompts supply shortage fear

India faces tough crude realities as the oil surges back abovethe&nbsp; the&nbsp;$100 mark. Here is why crude concerns as escalating for the subcontinent even as the war is between Russia and Ukraine.&nbsp;
<ol>
<li>India is the world&rsquo;s third-biggest oil user</li>
<li>Annual oil demand seen at an all time high -&nbsp;214.5 million tons&nbsp;</li>
<li>India imports over 80% of it's crude demand&nbsp;</li>
<li>India paid $82.4 billion for the crude oil it imported in the nine months through December 2021</li>
<li>Crude bill for India set to top $100 billion this year&nbsp;</li>
<li>This is a 109% jump over last year same period though amount imported only went up by 9%</li>
<li>Every $1 rise in crude oil prices increases India&rsquo;s import bill by about $1.5 billion&nbsp;</li>
<li>The average price is about $79 per barrel this fiscal year as against $45 in 2020-21 and $60.5 in 2019-20</li>
<li>Double whammy of a stronger dollar playing out</li>
<li>For every rupee value decrease vs dollar increases&nbsp;spending by upto Rs 2,700 cr</li>
</ol>

Demand for safe-haven rises as gold touched a nine-month high amid rising tensions between Russia and Ukraine.
Spot gold was up 0.2% at $1,909.54 per ounce, the highest level since May 2021. 
Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine as independent and ordered the Russian army to launch a 'peacekeeping operation' into the area, accelerating a crisis the West fears could unleash a major war.
Also read/watch: Russia claims attack on its border post, Ukraine rubbishes it as fake news
Crude oil jumped as the West Texas Intermediate (WTI) futures were up more than 3% at $93.
Also read/watch | Ukraine-Russia conflict: Financial markets fear aftershock

Gold touches nine-month high on rising Russia-Ukraine crisis

Demand for safe-haven rises as gold touched a nine-month high amid rising tensions between Russia and Ukraine.

Gold touches nine-month high

Putin&nbsp;ordered the Russian army to launch a 'peacekeeping operation' in&nbsp;parts of&nbsp;eastern Ukraine

Demand for safe-haven rises as gold touched a&nbsp;nine-month high amid rising tensions between Russia and Ukraine.
Spot gold was up 0.2% at $1,909.54 per ounce, the highest level since May 2021.&nbsp;
Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine as independent and ordered the Russian army to launch a 'peacekeeping operation' into the area, accelerating a crisis the West fears could unleash a major war.
Also read/watch:&nbsp;<a href="https://www.editorji.com/world-news/russia-claims-attack-on-its-border-post-ukraine-rubbishes-it-as-fake-news-1645448819971" target="_blank">Russia claims attack on its border post, Ukraine rubbishes it as fake news</a>
Crude oil jumped as the West Texas Intermediate (WTI) futures were up more than 3% at $93.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/ukraine-russia-conflict-how-the-financial-markets-may-face-the-shockwaves-1644294835665" target="_blank">Ukraine-Russia conflict: Financial markets fear aftershock</a>

Just as Wall Street sat down to give thanks for a year that has seen one of the fastest profit recoveries in history, traders got a jolt as the new variant worry infected booming stock markets and made the indices sink the most in a year. 
The 30-stock Dow Index collapsed 1000 points intraday to end 900 points lower, S&P 500 posted its biggest slide since February dropping over 2%. 
The downward moves came after World Health Organization officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The WHO has now named the variant Omicorn, has assigned it as a variant of concern. The highly mutating variant has countries on alert with US, UK to Singapore re-imposing restrictions on air travel from pockets of the world.Asia markets were hit hard in Friday trade, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng index both falling more than 2%. Germany’s Dax index slid more than 4% and Indian markets as well now down over 8% from record high as they saw the biggest single day slide since April. 

Market Mayhem: New variant worries makes Dow fall 900 points, crude & crypto also collapse

Black Friday Sale! Stocks, crude, crypto all collapse on covid concerns. 
- Dow down 900 points
- Crude falls below $70 drops 13%
- Bitcoin in bear territory 

Black Friday Sale! Stocks, crude, crypto all collapse on covid concerns

<ul>
<li>New variant worries infect sentiment across global markets&nbsp;</li>
<li>Global markets see sharp sell-off from Asia to America across stocks,crude, crypto</li>
<li>US Markets collapse: Dow ends lower by 900 points, S&amp;P500 sinks 2%</li>
<li>Asian markets down over 2% going into the weekend, Nifty down 8% from record high</li>
<li>Oil drops 13% in worst day of 2021, breaks below $70</li>
<li>Crude oil down for fifth straight week, seeing weakest run since the pandemic started</li>
<li>Bitcoin enters bear market territory, drops 20% from record high</li>
<li>WHO classifies variant as 'one of concern', names it Omicorn</li>
<li>US, UK, Singapore among others have re-imposed travel restriction on fears of new variant transmission</li>
</ul>

The S&amp;P 500 fell 2.3%, it&rsquo;s biggest one-day decline since February as new variant worries plague global markets

Just as Wall Street sat down to give thanks for a year that has seen one of the fastest profit recoveries in history, traders got a jolt as the new variant worry infected booming stock markets and made everything from stocks, crude to crypto&nbsp;collapse.&nbsp;&nbsp;
The 30-stock Dow Index collapsed 1000 points intraday to end 900 points lower, S&amp;P 500 posted its biggest slide since February dropping over 2%. Asian markets had already seen the bloodbath with Sensex, Nifty down 8% from record high after the worst day since the second wave hit. It was not just stocks , crude oil posted its worst day of the year on Friday, tumbling to the lowest level in more than two months as it broke below $70/bbl.&nbsp;It was the contract&rsquo;s worst day since April 2020. Infact down for the fifth-week oil is having its worst run since March 2020, when the pandemic started&nbsp;
Also watch |<a href="https://www.editorji.com/coronavirus/strain-may-have-greater-reinfection-risk-who-classifies-new-covid-strain-as-variant-of-concern-1637979672973" target="_blank">&nbsp;'May have greater reinfection risk': WHO says new Covid strain 'variant of concern', names it Omnicron</a> Crypto&nbsp;is not far behind in the collapse.&nbsp;Bitcoin&nbsp;fell sharply alongside other assets on Friday, hitting a seven-week low and officially entering bear market territory as it dropped 20% from its record high.&nbsp;
The downward moves came after World Health Organization officials on Thursday warned of a&nbsp;new Covid-19 variant that&rsquo;s been detected in South Africa. The WHO has now named the variant Omicorn, has assigned it as a variant of concern.&nbsp;The highly mutating variant has countries on alert with US, UK to Singapore re-imposing restrictions on air travel from pockets of the world. Asia markets were hit hard in Friday trade, with Japan&rsquo;s Nikkei 225 and Hong Kong&rsquo;s Hang Seng index both falling more than 2%. Germany&rsquo;s Dax index slid more than 4% and Indian markets as well now down over 8% from record high as they saw the biggest single day slide since April.&nbsp;

In an unprecedented move US will release crude oil from it's strategic reserve along with other major energy consuming nations, including India, Japan, Republic of Korea, China and the United Kingdom to cool prices. The move comes as fuel prices across the globe continues to hover around 7-year high and alliance of oil producing nations -  OPEC  rebuffed repeated requests to speed up their production increases.In total the U.S. will release 50 million barrels from the strategic petroleum reserves (SPR).  Simultaneously, India has also announced that it has agreed to release 5 million barrels of crude oil from its SPR. India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast.The ministry of petroleum said India strongly believes that the pricing of liquid hydrocarbons should be reasonable, responsible and be determined by market forces.
"India has repeatedly expressed concern at supply of oil being artificially adjusted below demand levels by oil producing countries, leading to rising prices and negative attendant consequences," it said.
This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks for such purposes.
India is the world's third-largest oil consumer and importing nation and has been severely impacted by the relentless rise in international oil prices.
 

US, India take on OPEC: Coordinated release of oil to take prices

In a first of it's kind move India, US, China with others to release strategic reserve of oil to take on OPEC and ease prices

Unprecedented move, Co-ordinated release of oil to ease prices

<ul>
<li>Major energy consuming nations to take on OPEC, agree on coordinated release of oil&nbsp;</li>
<li>US, India, China,Japan, Republic of Korea, UK to release crude oil</li>
<li>Crude oil prices at 7 year high as OPEC&nbsp;rebuff requests to increase supply&nbsp;</li>
<li>US to&nbsp;release 50 million barrels, India to release 5 million barrels of crude&nbsp;</li>
<li>India stores about 38 million barrels of crude oil in underground cavern</li>
<li>Oil Ministry: Concerned&nbsp;that supply of oil being artificially adjusted below demand levels</li>
<li>First ever release of strategic oil reserves for India&nbsp;</li>
<li>India is the world's third-largest oil consumer, imports 80% of fuel need</li>
</ul>

US, India, China Japan &amp; South Korea will tap strategic petroleum reserve as fuel prices hover around 7-year high

In an unprecedented move US will release crude oil from it's strategic reserve along&nbsp;with other major energy consuming nations, including India, Japan, Republic of Korea, China and the United Kingdom to cool prices.&nbsp; The move comes as fuel prices across the globe continues to hover around 7-year high and alliance of oil producing nations -&nbsp;&nbsp;OPEC&nbsp;&nbsp;rebuffed repeated requests to speed up their production increases. In total the U.S. will release 50 million barrels from the strategic petroleum reserves (SPR).&nbsp;&nbsp;Simultaneously, India has also announced that it has agreed to release 5 million barrels of crude oil from its SPR.&nbsp;India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast. The ministry of petroleum said India strongly believes that the pricing of liquid hydrocarbons should be reasonable, responsible and be determined by market forces.
"India has repeatedly expressed concern at supply of oil being artificially adjusted below demand levels by oil producing countries, leading to rising prices and negative attendant consequences," it said.
This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks for such purposes.
India is the world's third-largest oil consumer and importing nation and has been severely impacted by the relentless rise in international oil prices.
Read/Watch Also: <a href="Congress-ruled%20Punjab reduces petrol price by ₹10, diesel by ₹5 https:/www.edtr.ai/arkw For video news and more, download the editorji app - www.editorji.com/download">Politics at the pump, Punjab cuts VAT</a>

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