The government has brought back the windfall profit tax on domestically produced crude oil after international prices firmed up while the levy on export of diesel has been cut to nil, according to an official order.
The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) is now Rs 6,400 per tonne with effect from Wednesday, the order dated April 18 said.
At the last revision on April 4, windfall tax on domestically produced crude oil was cut to nil as international oil prices dipped below USD 75 per barrel.
However, oil prices have shot up this month following a surprise cut in production announced by the producers’ cartel OPEC and its allies like Russia.
