ONGC says Q2 subsidy jumps from a year ago

NEW DELHI Thu Nov 8, 2012 5:47pm IST

An employee measures diesel in a tanker before unloading at a fuel station in Kolkata August 13, 2012. REUTERS/Rupak De Chowdhuri/Files

An employee measures diesel in a tanker before unloading at a fuel station in Kolkata August 13, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

DIPLOMACY

REUTERS SHOWCASE

Moody's on Inflation

Moody's on Inflation

Persistent inflation hurting India's sovereign ratings - Moody's  Full Article 

Carmichael Project

Carmichael Project

Adani buys Australia coal mine royalty rights from Linc for $145 million  Full Article 

GDP Preview

GDP Preview

Economy likely grew faster in June quarter: Reuters poll.  Full Article 

Monetary Policy

Monetary Policy

BofA says RBI may cut rates by 75-100 bps starting early 2015  Full Article 

Road to IPO

Road to IPO

Mega-IPO to rekindle the 'bromance' behind Alibaba's rise  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage