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of <h1>Petroleum Industry Companies Must Maintain Detailed Cost Records Per 2002 Rules; Non-Compliance Leads to Penalties</h1> The Cost Accounting Records (Petroleum Industry) Rules, 2002, established by the Central Government under the Companies Act, 1956, require companies in the petroleum industry to maintain detailed cost accounting records. These rules apply to companies involved in the production, processing, and manufacturing of crude oil, gases, and other petroleum products, excluding small-scale undertakings. Companies must keep proper books of accounts for materials, labor, and other costs from April 1, 2003, ensuring records are completed within 90 days post-financial year. Non-compliance attracts penalties under the Companies Act, 1956. Detailed schedules and proformas guide the maintenance of these records, covering materials, wages, utilities, overheads, and more.
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