Thursday, May 23, 2024

Ministry of Oil for tax relief and the elimination of oil cessation with FinMin: Secy

The Ministry of Petroleum and natural gas are considering the extension of tax concessions along with the reduction of oil ceases; in order to provide much-needed relief for the Indigenous oil and gas industry; and is soon to discuss the matter with the Union Ministry of Finance, a leading official said at an ASSOCHAM webinar.

Furthermore, Tarun Kapoor, secretary of MoPNG at a webinar on “AtmaNirbhar Bharat; the Position of Oil and Gas Sector,” organized by the Associated Chambers of Commerce and Industry of India; will also provide some relief as well as extend the timetable, try and minimize penalties as far as possible, and take other such steps.

When the gas and fuel department opened, Kapoor told the centre that the new players were involved in licencing and the government changed its strategy, which reduced the net value of the company to 250 crore for fuel retail.

“With regard to gas, the Oil and Natural Gas Regulatory Board (PNGRB) introduces a policy that allows new entrants to access and use 25 percent of their infrastructure in areas ranging from commercial and industrial supplies to areas in which market exclusivity is terminated,” he said.

Although the market’s future behaviour is hard to forecast, he said: “Indian prices are connected to global markets and we would switch away from free pricing if we were to radically change formats, which is not good for the industry.”

The Secretary spoke of the webinar: “We are looking for an environment where we can reduce imports and build more opportunities to do business in India.” “We are going to want this country to move forward with Aatma Nirbhar Bharat.”

Having underlined the huge lack of qualified workers in the petroleum and gas sector, Hiranandani proposed that the government include the private sector in a PSU Skills Council.

He said: “We are motivated by a signal from the government to open up gas and fuel retailing and to follow a range of acts to new downstream retail outlets, such as the development of new CGD players and the opening of gas marketing,” he said.

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