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Finance Ministry directs oil explorers & petroleum ministry to cut taxes due to fall in crude price

On to an ET Now Exclusive. Well this could come as a blow to oil and gas producers in the country. The finance ministry has set aside a request from oil explorers and the petroleum ministry to cut taxes, royalties due to the fall in Crude price. Sources tell ET NOW that the petroleum ministry has been asked to instead look into alternative relief measures for the industry. A special committee has been constituted by the ministry to look into this.

ONGC and few private oil cos in April 2020 requested petroleum ministry to abolish royalty and cess. Petroleum Min drafted a proposal of bringing Cess and Royalty to 0 if prices drop below $20 bb. But since this proposal is likely not being taken up, now the special committee is working towards drafting few relief measures on waiving off the penalties to oil extractors.

Karishma Asoodani Reports for ET Now