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Oil India sees ‘healthy’ profit in September quarter despite windfall tax

September 24, 2022 08:57 pm | Updated 10:32 pm IST - New Delhi:

Image for representation.

Image for representation. | Photo Credit: AP

Oil India Ltd is expecting a “healthy profit” for the quarter ending September 30 despite a levy of windfall tax on crude sales, Harish Madhav, head of finance at the state-run oil producer, said on Saturday.

India imposed a windfall tax on oil producers in July amid claims the industry was making abnormal profits due to a spike in global crude prices. The tax has been reduced from ₹23,250 ($286) per tonne to ₹10,500 per tonne to reflect a fall in global oil prices.

The windfall tax has averaged around $25-$26 per barrel during the quarter, leading to Oil India realising $80 a barrel, Mr. Madhav told a news conference.

“This is much better than what we had realised earlier. So we should be able to make a healthy profit,” he said.

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