Karnataka   

CITU demands ‘windfall tax’ on private oil firms

Bangalore: The Centre of Indian Trade Unions (CITU) has demanded that the Government impose a “windfall tax on the super profits” made by the private sector oil companies. In a letter to the Prime Minister on May 3, CITU president M.K. Pandhe stated that in the last two to three years the profits of private oil companies in India had been disproportionately higher.

Mr. Pandhe argued that with crude oil in oil markets trading at about $120 a barrel, private contractors involved in the oil and gas extraction business in India were making “super profits” because they were allowed to use the “import parity” principle while fixing prices.

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