Explained | Taxing windfall profits of oil companies
1 year, 10 months ago

Explained | Taxing windfall profits of oil companies

The Hindu  

The story so far: On February 3, the Union government hiked the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and aviation turbine fuel. This led to sharp increases in fossil fuel prices as sovereigns went to look for other suppliers for its energy needs, culminating in major profits for oil companies. Nearly a year since the geopolitical conflict erupted, the International Energy Agency notes that global oil markets are trading in “relative calm”. “World oil supply looks set to exceed demand through the first half of 2023, but the balance could shift quickly to deficit as demand recovers and some Russian output is shut in,” read IEA’s Oil Market Report for February 2023.

Energy Russia Oil Companies Need Oil Companies Iea Profits Windfall Windfall Profits  explained  financial  taxes  oil  crude  windfall  taxing  prices  profits  need  companies  energy

History of this topic

Govt scraps windfall tax on local crude sales, petroleum product exports
3 weeks, 2 days ago

Govt scraps windfall tax on local crude sales, petroleum product exports

Live Mint  

New Delhi: The Union government on Monday scrapped the windfall tax on the sale of domestic crude oil and the export oaviation turbine fuel. The windfall tax was imposed in 2022 as oil prices surged to multi-year highs following Russia's invasion of Ukraine, allowing oil and gas producing companies to make massive profits. Prashant Vasisht, senior vice president and co-group …

Finance Ministry Considers Scrapping Windfall Tax As Crude Prices Fall: Report
3 weeks, 6 days ago

Finance Ministry Considers Scrapping Windfall Tax As Crude Prices Fall: Report

ABP News  

The finance ministry is reportedly currently assessing the relevance of the windfall tax, according to a Reuters report citing sources from the federal government on Thursday. Introduced in July 2022, the windfall tax was a special levy on domestic crude oil production aimed at capturing revenue from windfall gains made by producers in response to rising global crude prices. According …

After a four-year run, windfall tax nears end of the road
1 month, 1 week ago

After a four-year run, windfall tax nears end of the road

Live Mint  

New Delhi: The Centre has decided to scrap the windfall tax, a levy imposed on local production of crude oil and exports of petrol, diesel and jet fuel, at a time of subdued oil prices. Windfall tax was imposed in 2022, as a surge in oil prices to multi-year highs in the wake of the Russia-Ukraine war allowed oil and …

Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier
1 month, 2 weeks ago

Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Windfall tax on crude petroleum slashed to zero by govt, effective from September 18
3 months, 1 week ago

Windfall tax on crude petroleum slashed to zero by govt, effective from September 18

India TV News  

In a move that may lead to lower fuel prices, the Indian government has reduced the windfall tax on domestically produced crude oil to zero, effective from September 18. OMCs may reduce fuel prices Petroleum Secretary Pankaj Jain had earlier hinted that oil marketing companies would consider reducing fuel prices if crude oil prices remained low for a prolonged period. …

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices
4 months, 2 weeks ago

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi oil giant Aramco reported …

Govt hikes windfall tax on domestic crude sales to ₹4,900 per tonne
9 months, 1 week ago

Govt hikes windfall tax on domestic crude sales to ₹4,900 per tonne

Live Mint  

The finance ministry on Friday raised the windfall tax on sale of domestic crude oil to ₹4,900 per tonne, effective 16 March. As of 14 March, the Indian crude basket, which comprises both sour grade and sweet grade crude oil processed in Indian refineries, was priced at $84.50 per barrel. The government first introduced windfall taxes on the sale of …

Windfall tax on crude oil hiked to ₹10,000 per tonne, ATF export reduced
1 year, 3 months ago

Windfall tax on crude oil hiked to ₹10,000 per tonne, ATF export reduced

Live Mint  

The government has hiked windfall tax on the sale of locally-produced crude oil from ₹6,700 to ₹10,000 per tonne, with effect from September 16. Centre first imposed the windfall taxes on the sale of locally produced crude oil with effect from July 1, 2022 as oil exploration and producing companies made heavy profits amid multi-year high crude oil prices post …

Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices
1 year, 4 months ago

Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices

Associated Press  

DUBAI, United Arab Emirates — Saudi state-run oil giant Aramco on Monday reported $30 billion in second quarter profit, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease “mainly reflected the impact of lower crude oil prices …

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B
1 year, 7 months ago

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco reported …

Windfall tax on crude oil returns amid price surge
1 year, 8 months ago

Windfall tax on crude oil returns amid price surge

Live Mint  

New Delhi: The Central Board of Indirect Taxes and Customs has re-introduced the windfall tax on crude oil a fortnight after bringing it down to zero. Since India follows trade parity pricing of crude oil and petrol, producers of crude oil and refineries that sell finished products realise global prices in the local market. So windfall tax on profits of …

Windfall taxes on energy companies are a bad idea
1 year, 9 months ago

Windfall taxes on energy companies are a bad idea

Live Mint  

WHENEVER OIL and gas are expensive, politicians’ eyes turn greedily to the profits of energy firms. The impulse to levy “windfall taxes" is particularly strong today because Russia’s invasion of Ukraine has caused oil and natural-gas prices to rocket and then to gyrate wildly, giving the perception that firms are profiting from bloodshed. But today’s energy crisis shows that the …

Windfall profit tax hiked on domestically produced crude oil
1 year, 10 months ago

Windfall profit tax hiked on domestically produced crude oil

Deccan Chronicle  

New Delhi: In line with international oil prices, the Centre has raised the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and aviation turbine fuel. However, top officials said that the windfall profit tax on domestically produced crude oil and export of fuel will continue and is expected to give about Rs …

UK Budget 2022: Oil and gas giants are hit by higher windfall tax in autumn statement
2 years, 1 month ago

UK Budget 2022: Oil and gas giants are hit by higher windfall tax in autumn statement

Daily Mail  

Jeremy Hunt today announced he would increase the windfall tax on oil and gas firms and extend it to power generation firms as he seeks to raise money to plug a major hole in the public finances. Email [email protected] This means wind farms in UK waters will pay a higher windfall tax than the oil and gas rigs operating nearby. …

Levy on oil and gas firms’ windfall profits expands to renewable energy
2 years, 1 month ago

Levy on oil and gas firms’ windfall profits expands to renewable energy

The Telegraph  

Energy producers have been targeted with taxes aimed at raising £54 billion by 2028 from what the Chancellor said were “windfall profits”. The new rate will take effect from Jan 1, taking oil and gas producers’ total tax rate to 75 per cent. Meanwhile, a new levy will also take effect from Jan 1 on low-carbon electricity generators, set at …

Biden paints oil firms as war profiteers, talks windfall tax
2 years, 1 month ago

Biden paints oil firms as war profiteers, talks windfall tax

Associated Press  

WASHINGTON — President Joe Biden on Monday accused oil companies of “war profiteering” as he raised the possibility of imposing a windfall tax on energy companies if they don’t boost domestic production. Biden has been critical of energy companies profits since at least June, when he complained publicly that “Exxon made more money than God this year.” Biden’s threat of …

Biden says oil company profits are 'outrageous' and a 'windfall' from the Ukraine War
2 years, 1 month ago

Biden says oil company profits are 'outrageous' and a 'windfall' from the Ukraine War

Daily Mail  

President Joe Biden railed against Big Oil's exorbitant profits as he called on Congress to impose a 'windfall tax' on energy companies in a speech Monday. President Joe Biden railed against Big Oil's exorbitant profits as he called on Congress to impose a 'windfall tax' on energy companies in a speech Monday Last week Exxon Mobil broke records with its …

Centre increases windfall tax on crude oil output
2 years, 2 months ago

Centre increases windfall tax on crude oil output

Hindustan Times  

The government on Saturday raised the tax on windfall profits on locally produced crude oil by 37.5% to ₹11,000 per tonne and hiked the levy on diesel exports by 140% to ₹12 per litre, while reimposing it on exports of jet fuel at ₹3.50 per litre, as global oil prices surged this fortnight after the producers’ cartel – the Organisation …

Windfall tax meaning explained
2 years, 2 months ago

Windfall tax meaning explained

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. To help fund this the government introduced a £5bn temporary windfall tax of 25 per cent on oil and …

Oil Ministry seeks review of windfall tax, wants certain fields exempted
2 years, 3 months ago

Oil Ministry seeks review of windfall tax, wants certain fields exempted

The Hindu  

The Oil Ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically-produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil. According to Oil Ministry calculations, the letter said, the new levy in the case of PSC and RSC results in a situation where the operator …

Explained | What is windfall tax and why are countries imposing it on the energy sector right now?
2 years, 3 months ago

Explained | What is windfall tax and why are countries imposing it on the energy sector right now?

The Hindu  

The story so far: Finance Minister Nirmala Sitharaman on Monday, September 2, defended the windfall tax imposed by the Centre on domestic crude oil producers, saying that it was not an ad hoc move but was done after full consultation with the industry. The Central government on July 1, introduced a windfall profit tax of ₹23,250 per tonne on domestic …

Windfall profit tax on domestic crude, exports of diesel, jet fuel raised
2 years, 3 months ago

Windfall profit tax on domestic crude, exports of diesel, jet fuel raised

Hindustan Times  

The government has raised the windfall profit tax on domestically produced crude oil by ₹300 to ₹13,300 per tonne after a fourth fortnightly review. Exports of ATF will now attract ₹9 per litre windfall tax instead of ₹2 per litre that prevailed till August 31, according to the Union finance ministry’s order issued late Wednesday night. The Centre on July …

Centre Hikes Windfall Profit Tax on Export of Diesel, ATF; Increases Tax on Crude Oil
2 years, 3 months ago

Centre Hikes Windfall Profit Tax on Export of Diesel, ATF; Increases Tax on Crude Oil

News 18  

Windfall Profit Tax on Export of Diesel Hiked: The government recently has increased the windfall profit tax on the export of diesel to Rs 13.5 per litre and that on jet fuel exports to Rs 9 per litre. At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre …

What is Windfall Tax and Why Has Govt Reduced it on Fuel Export, Domestic Crude Oil?
2 years, 5 months ago

What is Windfall Tax and Why Has Govt Reduced it on Fuel Export, Domestic Crude Oil?

News 18  

To provide relief to oil producers and refiners in the country, the Centre has reduced the recently implemented cesses and levies on diesel and aviation turbine fuel. Recent Cut in Windfall Taxes, Levies The Centre cut the windfall tax on diesel and aviation fuel shipments by Rs 2 per litre. On July 1, the central government slapped export duties on …

RIL, ONGC Shares Surge As Govt Likely To Consider Lowering Windfall Tax on Petrol, Diesel
2 years, 5 months ago

RIL, ONGC Shares Surge As Govt Likely To Consider Lowering Windfall Tax on Petrol, Diesel

News 18  

Shares of Reliance Industries Limited and ONGC surged on Thursday after media reports that the government might lower the recently implemented windfall tax in a meeting on Friday. Bhavik Patel, senior commodity/currency research analyst at TradeBulls Securities, said: “The fall in crude oil prices from $126 to $94 in the span of 6 weeks has prompted the government to reconsider …

Govt May Lower Windfall Tax On Domestic Oil Producers On Friday: Report
2 years, 5 months ago

Govt May Lower Windfall Tax On Domestic Oil Producers On Friday: Report

News 18  

India is considering lowering the recently implemented windfall tax and the meeting to review the measure is expected to take place on Friday, according to a Bloomberg report. Domestic producers were asked to pay a cess of Rs 23,250 per tonne on crude oil as a windfall tax. After announcing the decision to impose the windfall tax, Revenue Secretary Tarun …

Windfall Tax On Crude Oil: What Is It; How Will It Impact Companies, Govt Revenues?
2 years, 5 months ago

Windfall Tax On Crude Oil: What Is It; How Will It Impact Companies, Govt Revenues?

News 18  

Domestic producers will now pay a cess of Rs 23,250 per tonne on crude oil as a windfall tax. As the companies will now have to pay a cess of Rs 23,250 per tonne on domestic crude oil, their margins will get impacted. The tax on crude oil producers like Oil and Natural Gas Corporation, Oil India Ltd and Vedanta …

Third of windfall tax cash raised ‘could be handed back to oil firms’
2 years, 6 months ago

Third of windfall tax cash raised ‘could be handed back to oil firms’

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A third or more of any revenue raised by the chancellor’s new windfall tax on …

Govt considers windfall tax on oil and gas giants
2 years, 6 months ago

Govt considers windfall tax on oil and gas giants

Hindustan Times  

India is considering a so-called windfall tax on oil and gas producers to offset ballooning public expenditure on fuel, food and fertiliser subsidies amid skyrocketing inflation, two people familiar with the development said on condition of anonymity. In India, the people cited in the first instance said that domestic oil and gas producers have seen a sharp rise in profits, …

Strong BP profit renews call for energy sector windfall tax
2 years, 7 months ago

Strong BP profit renews call for energy sector windfall tax

Associated Press  

LONDON — BP posted its highest quarterly profit in more than a decade thanks to surging oil and gas prices, renewing calls for a U.K. government tax on energy companies’ windfall earnings to help households struggling with rising energy bills. BP’s latest numbers stoked more debate in the U.K. about whether the government should tax energy companies that make unexpectedly …

Britain needs 'more gas, not less', says BP chief as surging profits spark calls for windfall tax
2 years, 10 months ago

Britain needs 'more gas, not less', says BP chief as surging profits spark calls for windfall tax

The Telegraph  

Looney also announced plans to increase BP's spending in renewables while cutting carbon emissions faster, as he tries to position the company for a global shift in the energy system. BP said it will launch a further $1.5bn of share buybacks before its first-quarter results, alongside a dividend payout of 5.46 cents per share for the last three months of …

Oil giant Saudi Aramco sees 2020 profits drop to $49 billion
3 years, 9 months ago

Oil giant Saudi Aramco sees 2020 profits drop to $49 billion

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia’s state-backed oil giant …

Saudi Aramco Profits Slump 73% on Low Oil Price as Covid-19 Undercuts Global Demand
4 years, 4 months ago

Saudi Aramco Profits Slump 73% on Low Oil Price as Covid-19 Undercuts Global Demand

News 18  

Energy giant Saudi Aramco said Sunday its net profit for the second quarter plunged a massive 73 percent due to sharply lower oil prices as the coronavirus crisis undercuts global demand. Aramco's net profit for the first half of the year also dived, by 50 percent to $23.2 billion, compared to $46.9 billion over the same period last year. Following …

Discover Related