Government Revises Windfall Tax: Impact On ONGC, HPCL, BPCL & Oil Prices

The government's latest windfall tax revision aims to cushion the impact of rising crude oil prices while protecting domestic fuel supplies. Gaurang Shah, Sr. VP, Geojit Investments, believes the government will continue adjusting duties to manage inflation and energy costs. He says the biggest risk remains any escalation in the Red Sea, which could disrupt global energy supplies and push crude prices higher. Despite these risks, Geojit maintains a positive long-term view on ONGC, GAIL, HPCL, BPCL, and IOC, expecting policy support and stable demand to support the oil and gas sector.