India’s ONGC Misses Out on Oil Price Rally After New Tax: Chart

Oil and Natural Gas Corp., India’s biggest state-run explorer, missed out on oil’s rally after the country announced in February a 20 percent tax on domestically produced oil, replacing a fixed levy of 4,500 rupees per metric ton. While Brent has gained about 40 percent since then, the company has slipped more than 4 percent. Oil’s surge above $45 a barrel means ONGC’s tax burden is higher now than under the previous system, Centrum Broking Ltd. analyst Sachin Mehta said.

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