State-run explorer Oil India reported a 9.3% fall in third-quarter profit on Tuesday, hit by lower prices for crude oil and a windfall tax levied by the government.Standalone profit was 15.84 billion rupees ($191 million) for the quarter ended Dec. 31, compared with 17.46 billion rupees a year earlier.
Average crude prices fell 6.5% in the December quarter, as per LSEG data. The Indian government’s windfall tax on crude oil producers since July 2022 has also hurt its bottom line.The government has set the tax rate at a level that ensures a steady range of $73–$76 per barrel net crude realisation for Oil and Natural Gas Corp and Oil India, analysts at ICICI Securities said in a note last month.
