NEW DELHI, June 18 (Reuters) - India may tax imports of crude oil as part of its efforts to keep a lid on its mounting fiscal deficit, the Economic Times reported on Thursday.
The federal Finance Ministry was in talks with the Petroleum Ministry and a final decision would be taken by the finance minister in consultation with the Prime Minister, the paper said, quoting an unamed government official.
The country, which depends on imports to meet 70 percent of its crude oil demand, abolished a 5 percent import tax on crude oil and reduced the production tax on oil products by a similar level in June 2008 to soften the blow of rising oil prices which had peaked near $150 a barrel in July.
(Reporting By Mayank Bhardwaj; Editing by Michael Urquhart)
((mayank.bhardwaj@thomsonreuters.com; Tel: +91-11-4178-1019 Reuters Messaging: mayank.bhardwaj.reuters.com@reuters.net)) Keywords: INDIA CRUDE/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The federal Finance Ministry was in talks with the Petroleum Ministry and a final decision would be taken by the finance minister in consultation with the Prime Minister, the paper said, quoting an unamed government official.
The country, which depends on imports to meet 70 percent of its crude oil demand, abolished a 5 percent import tax on crude oil and reduced the production tax on oil products by a similar level in June 2008 to soften the blow of rising oil prices which had peaked near $150 a barrel in July.
(Reporting By Mayank Bhardwaj; Editing by Michael Urquhart)
((mayank.bhardwaj@thomsonreuters.com; Tel: +91-11-4178-1019 Reuters Messaging: mayank.bhardwaj.reuters.com@reuters.net)) Keywords: INDIA CRUDE/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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