Windfall profit tax on crude oil hiked, levy on export of diesel cut

The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel.

The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was hiked to Rs 10,200 per tonne, from Rs 9,500 per tonne, with effect from November 17, a government notification said.