Oil India, ONGC shares tank on windfall oil tax worries

Govt considers windfall tax on oil producers; ONGC drops 5%

Where Brent crude has reversed gains and is now trading near $74 per barrel from their four-year highs of $80 per barrel, the state-owned OMCs have continued to hike petrol prices to record level for 15th consecutive day. After today's revision, petrol is retailing at Rs 78.27 per litre in the national capital Delhi, Rs 86.08 in Mumbai, Rs 80.91 in Kolkata and Rs 81.26 in Chennai. Apart from global oil prices, weakness in the rupee against the dollar pushes up domestic fuel prices as India meets more than 80 per cent of its fuel requirements through imports, determined by the dollar.

However, consumers can expect some relief as the Brent crude oil prices have eased to around $76 from $78 per barrel on Friday.

Graphic details in Harvey Weinstein sexual assault complaint
Lucia Evans told the New Yorker in October that she was a college student when Weinstein approached her at a club in NY in 2004. Almost 100 women have now accused Weinstein of crimes ranging from sexual harassment to assault and rape going back decades.

Highest petrol price Mumbai stood at Rs 79.99 (on October 3) in 2017, while the average crude oil price of Indian basket stood at an average of mere $56.43 in FY18. Economic analysts agree that fuel prices in GST would not only cause a fall in cash flowing into coffers of the central government but that of state governments too. Earlier, it was reported that the government may levy a windfall tax on oil producers like ONGC as part of a permanent solution to rising petrol and diesel prices.

During the UPA government, with a little rise in petroleum prices the opposition parties raised a hue and cry.

What is Donald Trump playing at over North Korea?
And Hanham says North Korea could probably get the test site working quickly again, if it needed to. But our team confirmed that the translator said what I said.

Criticising the government for the spiralling fuel prices, the Congress has demanded that petro products be brought under the Goods and Services Tax. During the day, it tanked 11.44 per cent to Rs 155.45. But still the Modi government faltered in its resolve to abolish the old administered price mechanism and the bane of oil companies before its advent when it put on hold the hike following the rise in crude prices globally a few months ago.

The government raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs2 a litre. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously.

Kilauea volcano eruption in Hawaii rains down drama, destruction
Although potentially fatal if inhaled, Stovall said the danger was confined to the immediate vicinity of laze plumes themselves. Officials are concerned that " laze ", a unsafe product produced when hot lava hits cool ocean water, will affect residents.

Related news:

Hot News

isis-killer-beheading-video-story-top PM-designate gives up attempt to form populist government
May 28, 2018 - 14:14
In case Mattarella makes Cottarelli PM-designate, the latter " will not have any chance to create the government ", the MP said. Mattarella summoned Carlo Cottarelli , a former executive director of the International Monetary Fund, to his office on Monday.

isis-killer-beheading-video-story-top Israeli tanks shell Gaza Strip, Islamic Jihad group says two militants killed
May 28, 2018 - 11:47
At least 113 Palestinians have been killed and thousands hurt by army gunfire in the protests, drawing foreign censure. The ministry said the breakwater - the first of its kind in the world - was expected to be ready by the end of 2018.

isis-killer-beheading-video-story-top Mike D'Antoni Says Chris Paul Is 'Doubtful' to Play Game 7
May 28, 2018 - 07:41
The Warriors , led by Stephen Curry and Kevin Durant , tried to force a Game 7 against the Rockets, led by James Harden . Golden State is one win from a fourth straight NBA Finals, headed back to Houston for Monday night's Game 7.

isis-killer-beheading-video-story-top Nadal happy to 'suffer' in pursuit of 11th French Open
May 26, 2018 - 13:24
Williams commented on the frequency of the tests Monday on Twitter . But she'll try for her 24th Grand Slam as an unseeded competitor.

isis-killer-beheading-video-story-top 18 dead bats in HPs Nahan causes Nipah virus scare
May 26, 2018 - 08:35
The virus is spread after the fruit bat throw consumed fruits which are later eaten by animals or human. The natural host of the virus is believed to be fruit bats of the Pteropodidae family, Pteropus genus .

isis-killer-beheading-video-story-top Sad! Judge rules Trump blocking Twitter users unconstitutional
May 25, 2018 - 23:17
President Donald Trump has made directing scorn on Twitter a defining feature of his presidency. The case could affect other social media interactions involving public officials.

isis-killer-beheading-video-story-top Watch the Battlefield 5 reveal with Trevor Noah: WWII and free DLC
May 24, 2018 - 18:15
It lets teams square off in an hour long battle spanning multiple maps and multiple modes layered with an overarching narrative. Not only do these customizations change the way your character and weapons look in-game, but they'll also impact gameplay.

isis-killer-beheading-video-story-top Trump son-in-law Kushner questioned about potential Russian collusion, obstruction
May 24, 2018 - 09:12
Kushner a trusted adviser, continues to tell friends he wishes that Mr. The special counsel's investigation had not caused the delay, said Mr.

isis-killer-beheading-video-story-top White House Chimes in on 'Laurel or Yanny' Debate
May 18, 2018 - 16:29
The clip was recorded from a vocabulary website playing through the speakers on a computer. What does this mean? Some hear the clip as "laurel", while others hear it as "yanny".

isis-killer-beheading-video-story-top Supreme Court orders floor test in Karnataka Assembly tomorrow at 4 PM
May 18, 2018 - 16:19
Targeting the BJP, he said, "A murder accused is the president of a national party, which has not been seen in the last 70 years". Yeddyurappa leaves to meet the state governor to stake claim to form the government , in Bengaluru , India, May 16, 2018.

isis-killer-beheading-video-story-top DR Congo Ebola outbreak: World Health Organization holds crisis talk as cases spread
May 18, 2018 - 16:03
Until now, the outbreak was confined to remote areas, where Ebola , which is spread by bodily fluids, travels more slowly. The other death was a suspected case in Wangata, a suburb of Mbandaka on the Congo River, the ministry said.

isis-killer-beheading-video-story-top Trump lawyer sought $1m from Qatar in late 2016
May 18, 2018 - 15:55
Mr Cohen has acknowledged paying Ms Daniels, whose real name is Stephanie Clifford. Cohen facilitated a $130,000 payment to porn star Stormy Daniels .

isis-killer-beheading-video-story-top Bashar al-Assad has travelled to Russian Federation to meet Vladimir Putin
May 18, 2018 - 15:52
He said the two also discussed economic cooperation and growing investments by Russian companies in Syria. Assad assured that the country returns to stability and it promotes the political process begun earlier.

isis-killer-beheading-video-story-top Everton boss Sam Allardyce 'to be sacked in next 48 hours'
May 18, 2018 - 15:39
Silva was sacked in December by the Hornets and in a statement released by the club, there was a swipe at the Blues. Confident? I can't quite say confident after all the rumours I'm reading in the paper.

isis-killer-beheading-video-story-top Ronda Rousey eager for WWE title, baby 'someday soon'
May 17, 2018 - 03:18
Rousey reportedly made her house show debut at a RAW-branded live in Geneva, Swtizerland in a six-Woman Tag Team Match. The former UFC champ tagged with Natalya and Ember Moon against James, Ruby Riott , and Liv Morgan .