The Indian government has decreased the windfall tax on crude petroleum from Rs 2,300 to Rs 1,700 per tonne in its bi-weekly adjustment, aligning with the decline in global oil prices. This reduction will be advantageous for upstream oil companies like ONGC and Oil India Ltd, lowering their tax liability on crude sales. The initial imposition of the windfall tax occurred in July last year in response to surging crude oil prices. The government later expanded the tax to include exports of gasoline, diesel, and aviation fuel when private refiners began capitalizing on robust refining margins in international markets rather than selling domestically.

ONGC, a central public sector undertaking under India's Ministry of Petroleum and Natural Gas, was established on August 14, 1956. Headquartered in New Delhi, it is the largest government-owned oil and gas explorer, contributing significantly to India's crude oil and natural gas production. The government granted Maharatna status to ONGC in November 2010. Engaged in hydrocarbon exploration across 26 sedimentary basins in India, ONGC operates extensive pipelines spanning over 11,000 kilometres. Its international arm, ONGC Videsh, manages projects in 15 countries.

Oil India Limited (OIL) is a fully integrated Exploration & Production firm in the upstream sector, with roots dating back to India's oil discovery in 1889. As a Maharatna Company, OIL is a state-owned entity under the Ministry of Petroleum and Natural Gas, standing as the second-largest national oil and gas company in India. OIL's history mirrors the growth of the Indian petroleum industry, evolving from the 1889 discovery in Digboi, Assam, to its current status as a comprehensive National Exploration and Production company spanning the entire E&P value chain. It holds the position of India’s second-largest National E&P Company.