Crude levy reimposed

The government has raised the windfall tax on profits from domestically produced crude oil, while cutting the levy on exports of diesel to zero.

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation Ltd has been increased from nil to Rs 6,400 per tonne, according to the finance ministry.

The government reduced the tax on exports of diesel to zero from 50 paise per litre, the statement said.