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
- North Korea says Jang Song Thaek, uncle of leader Kim Jong Un, executed
- North Korea executes leader's powerful uncle in rare public purge
- BSE Sensex marks biggest weekly fall in nearly a month
- Micromax aims to go global, high-end with smartphones
- November retail inflation cements calls for rate hike
A pick-up in retail inflation to its fastest pace on record will likely force Reserve Bank of India chief Raghuram Rajan to raise interest rates for a third time on Wednesday, crimping growth prospects for an already fragile economy. Full Article
Asia-Pacific M&A volume falls for third consecutive year, deal size grows. Full Article