New Delhi, May 12 -- Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Monday announced rationalisation of royalty rates for India's upstream sector in the oil and gas industry.

Calling it a "major step towards regulatory clarity," Puri said that the government has rationalised royalty rates and methodologies for crude oil, natural gas, and casing head condensate - a light liquid hydrocarbon that separates from natural gas during production.

In a post on social media platform X, Puri wrote, "The revised Schedule removes long-standing inconsistencies across regimes to ensure a stable, predictable, and investor-aligned framework for India's upstream sector."

In simple words, this means that the Centre has changed the rule...