India’s finance ministry will take a view on scrapping windfall tax on local crude oil output, Tarun Kapoor, advisor to the Indian prime minister, said on Wednesday.

The imposition of windfall tax on crude oil has no relevance now, he said, as global oil prices have softened sharply compared to 2022, when the tax was first levied.

“Finance ministry will take a view …I think petroleum ministry has already written to them,” Kapoor told reporters on the sidelines of an event.
Source: Reuters (Reporting by Nidhi Verma in New Delhi; Editing by Sonia Cheema)