The world's oil and gas market has been subject to unheard-of volatility as a result of a constrained supply, increased demand, the Russian invasion of
Ukraine, and Western sanctions. As the entire economy collapsed, global prices shot through the roof before falling. Because businesses avoided changing pricing, retail fuel prices remained constant through 2022.
The government levied windfall taxes to partially recoup the enormous profits made by gasoline exporters and oil producers.
“The budget is a good opportunity to rethink provisions and revise existing policies towards ensuring the country’s energy security.
Currently, domestic producers are taxed nearly 70% and a tax structure of 35–40% abiding by global standards will encourage critical investments in the sector,” said Sunil Duggal, Group CEO, Vedanta Ltd.
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