Pricing and Taxation in Oil and Gas Sector: A study with special reference to ONGC
Oil & gas industry in India saw the light of the day when oil was struck at Makum near Marherita in Assam in the year 1967. Prior to independence the Oil & Gas industry in India had controlled by international companies. The entire domestic oil production was from one state – Assam which stood at 250,000 tons per annum. This study provides a holistic examination of pricing and Taxation dynamics in India’s Petroleum sector. This study mainly highlights the issues related to current practices used by ONGC to determine the prices of crude oil, natural gas & value added products and also the various types of direct and indirect taxed imposed on and paid by the company. Moreover, this study also explain the process of price determination of crude oil , natural gas & value added products.