INDIAN PETROLEUM TAXATION ANALYSIS

India being the third largest importer of crude oil speaks volumes about the consumption rate and the dependability which the society has on this non- renewable source of energy and has over the years become more expensive. Though we notice a decline in global oil prices in the last few years along with crude indexes crashing due to the on -going pandemic, retail prices for the Indian consumer have remained high and stagnant . Compared to global oil prices, which currently is as low as $40 a barrel, the Indian retail oil consumer is paying a hefty amount which is very close to what had to be paid when global crude oil prices were $ 100 a barrel. This paper investigates the reason for such high retail prices which the consumer has to pay as no benefits in connection to low global oil prices seem to reach the end consumer. A comparative analysis pertaining to the different taxes associated with petroleum has been assessed for a period of six years.