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Changed oil royalty norms hit State revenue

By Staff Reporter
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GUWAHATI, Feb 24 � Principal Secretary of the State�s Finance Department H S Das told media persons at a press conference here today that the State is losing a considerable amount of money in terms of oil royalty due to the changed policy of the Central Government to work out oil royalty on the basis of the selling price of crude oil to the public sector oil marketing companies. Earlier, till 2009-2010 fiscal, the State used to earn oil royalty basing on the international price of crude oil.

This has made the State exchequer lose between 40 per cent and 50 per cent of the revenue. According to the CAG report, the State lost an amount of Rs 850 crore during the last financial year due to this change in the policy of the Union Government. The State is pleading for restoration of the previous policy on oil royalty, he said.

The State earned the highest amount of Rs 2020 crore as oil royalty in 2008-2009 fiscal, said the Principal Secretary. Oil royalty was charged then on the well head productions. But the Government of India, in order to help the troubled public sector oil marketing companies changed that policy in 2009-2010 fiscal.

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Changed oil royalty norms hit State revenue

GUWAHATI, Feb 24 � Principal Secretary of the State�s Finance Department H S Das told media persons at a press conference here today that the State is losing a considerable amount of money in terms of oil royalty due to the changed policy of the Central Government to work out oil royalty on the basis of the selling price of crude oil to the public sector oil marketing companies. Earlier, till 2009-2010 fiscal, the State used to earn oil royalty basing on the international price of crude oil.

This has made the State exchequer lose between 40 per cent and 50 per cent of the revenue. According to the CAG report, the State lost an amount of Rs 850 crore during the last financial year due to this change in the policy of the Union Government. The State is pleading for restoration of the previous policy on oil royalty, he said.

The State earned the highest amount of Rs 2020 crore as oil royalty in 2008-2009 fiscal, said the Principal Secretary. Oil royalty was charged then on the well head productions. But the Government of India, in order to help the troubled public sector oil marketing companies changed that policy in 2009-2010 fiscal.

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