Budget 2026: Oil industry seeks abolition or review of OID cess on pre-NELP and nomination blocks

As the Union Budget 2026 approaches, the oil and gas sector is calling on the government to reconsider the OID cess imposed on domestically produced crude oil. Stakeholders in the industry argue that the existing 20% ad-valorem tax is stifling production potential and should be revised. Furthermore, they suggest doing away with other taxes like NCCD and Basic Excise Duty.