Centre hikes windfall tax by 39.39% for domestic crude oil

The central government hiked windfall tax on domestically produced crude oil. The tax was increased to Rs 4,600 per tonne from Rs 3,300 per tonne.The tax is levied in the form of Special Additional Excise Duty (SAED). Windfall tax has no immediate impact on pump prices of petrol and diesel as it is entirely borne by companies like ONGC, Oil India and Vedanta.