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
- Citi to hire 100 bankers in Asia, eyes more business from smaller clients
- West agrees wider Russia sanctions as Kiev says forces near crash site
- Cricket - Moeen probed after sporting 'Save Gaza' wristbands
- Israel warns of long Gaza war as Palestinian fighters cross border
- Israel extends Gaza ceasefire for 24 hours, Hamas rejects terms
India's largest cigarette maker ITC Ltd on Tuesday said first-quarter net profit grew 16 percent, lagging forecasts although sales beat market expectations. Full Article
With PlayStation network, Sony goes back to the future in search of revival Full Article