ONGC says Q2 subsidy jumps from a year ago
NEW DELHI (Reuters) - State-run producer Oil & Natural Gas Corp (ONGC.NS) has provided for subsidy of 123.30 billion rupees for the September quarter in the form of discounts to state oil marketing companies, more than double the provision in the same quarter a year earlier.
ONGC does not fully benefit from rising crude prices because India caps prices of petroleum products such as diesel, cooking gas and kerosene. Producers such as ONGC share the cost of the subsidies by selling crude to refineries at a discount.
As a result, its net realisation after discount was $46.8 per barrel, down from $82.62 a barrel a year ago, ONGC said. (Reporting by Nidhi Verma; Editing by Jijo Jacob)
- Tweet this
- Share this
- Digg this
- U.S. SEC to pay $30 million-plus in largest whistleblower award
- Apple sells more than 10 million new iPhones in first 3 days
- UPDATE 3-Apple sells more than 10 mln new iPhones in first 3 days
- Housing data hits Wall Street; S&P has worst day since August 5
- Israel's Mossad takes hunt for foreign spies and informants online
The finance ministry is increasingly optimistic that it can meet a tough fiscal deficit target, helped by a 12 percent decline in global crude oil prices since Prime Minister Narendra Modi took charge in May. Full Article