While petroleum-producing countries are being buoyed by higher global oil prices, the big consumers are taking a hit — especially India, whose energy appetite is growing, its oil minister said at the Vienna OPEC summit Wednesday.
A peak tax rate of 28 per cent plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the GST regime, a top government official said.
India, the world’s third-largest oil consumer, expects a “responsible” approach from its suppliers as speculation mounts over whether OPEC and its allies will reach a deal to boost output at a meeting in Vienna this week.
China’s proposed tariffs on U.S. petroleum imports, part of a mounting trade war between the two countries, would crimp sales to the shale industry’s largest customer, adding new pressure on U.S. crude prices, energy executives and analysts said in interviews this week.
Vedanta Cairn Oil & Gas Chief Executive Officer (CEO) Sudhir Mathur has said sanctity of contracts is a fundamental requirement for businesses to invest. The company had taken the government to court over extension of contract for its flagship Rajasthan block.
Iran said on Tuesday OPEC was unlikely to reach a deal on oil output this week, setting the stage for a clash with Saudi Arabia and Russia, which are pushing to raise production steeply from July to meet growing global demand.