GOVERNMENT INCREASES CESS ON OIL PRODUCTION TO RS 13300/TONNE
News: According to Business Standard, as per a government notification, cess on domestically produced crude oil has been increased to Rs 13,300 per tonne from Rs 13,000 per tonne.
View: Cess has been increased to ~US$23/bbl from September 1 in the fourth review of windfall taxes. This will increase cess of domestic oil production companies (ONGC in our coverage universe).
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