Budget 2023-24 wishlist: Here are the key challenges in oil & gas sector

Emergence of renewable fuels causing displacement of petroleum fuels' demand

Business Standard
Photo: Bloomberg

Photo: Bloomberg

Key challenges
  • Policy stability on transport fuel pricing
  • GST on petroleum products and gas: Exclusion leading to depriving of benefits of classical GST regime and increasing administrative burden
  • Ability of E&P concessions to attract large and experienced investors
  • Emergence of renewable fuels causing displacement of petroleum fuels’ demand
  • Investment to supply PNG and LPG to domestic consumers may go obsolete in the near-term due to the proposal to electrify homes

Industry ask
  • Support SMEs to develop infrastructure for molecules like hydrogen, ethanol, biodiesel, biomass, and biogas
  • Consumers demand aggregators tying up with cheaper LNG/gas sources
  • Oil companies and fossil fuel-dependent industries seek clarity on emerging carbon credit policies to plan their future investments

Also Read

Budget 2023-24: Manufacturing sector eyes revised taxations, new PLIs

Union Budget 2023: Experts don't expect surprises in social sector outlay

Budget 2023: A look back at some major announcements in previous Budget

In fillip to compressed bio gas, govt allows mixing of manure with urea

Crypto industry wants 0.1% TDS, Sebi-like regulator in Budget 2023

Budget 2023-24: With all eyes on growth, it's over to FM Sitharaman

Gati Shakti push: 18 road projects headed for the fast lane in FY24

Statsguru: Six charts show average variation in the Budget estimates

60% households expect dip in earning, seek relief in Budget 2023: Survey

Focus mustn't waver, we must continue to invest in health: K Srinath Reddy

First Published: Jan 29 2023 | 11:44 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to