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Petroleum should also be a part of the GST structure, says Ministry

Updated on: Jul 21st, 2021

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3 min read

March 27, 2017 Petroleum Minister Dharmendra Pradhan is of the opinion that bringing petrol under the purview of GST will help states in the long run. He also said that he expected oil prices to remain in the price range of $55-$60 in the coming years. The Ministry has been promoting DSFs (discovered small fields) for oil and gas production to meet India’s growing energy needs since May, 2016.

On Monday, 31 contracts were awarded to 22 companies and it is expected that the production from these sites will yield about 15,000 barrels of oil per day or around 2 million metric standard cubic metres per day (mmscmd). The estimated total revenue from this would be about INR 46, 600 crores, with the Centre’s royalty totalling INR 5,000 crores and the state’s tally pegged at INR 2,100 crores. As reported in The Hindu

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Quick Summary

Petroleum Minister Dharmendra Pradhan supports bringing petrol under GST. 31 contracts awarded to 22 companies for oil production. Expected revenue from sites approx. INR 46,600 crores. Oil prices forecasted to remain between $55-$60. Ministry promoting DSFs for energy needs since 2016.

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