India's ONGC says Q2 subsidy jumps from a year ago

NEW DELHI Thu Nov 8, 2012 5:43pm IST

Stocks

   

NEW DELHI Nov 8 (Reuters) - India's state-run producer Oil & Natural Gas Corp has provided for subsidy of 123.30 billion rupees ($2.3 billion) 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. ($1 = 54.10 rupees) (Reporting by Nidhi Verma; Editing by Jijo Jacob)

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

  • Most Popular
  • Most Shared

Retaining talent, reviving company

REUTERS SHOWCASE

Modi's U.S. Trip

Modi's U.S. Trip

PM Modi to get rock star reception in New York.  Full Article 

Northeast Floods

Northeast Floods

Landslides and floods kill 22 in northeast India.  Full Article 

Food Subsidy

Food Subsidy

Ram Vilas Paswan says no plans to raise food handouts.  Full Article 

New Plants

New Plants

Canadian auto parts maker Magna to open two new plants in Gujarat.  Full Article 

Importing Iron Ore

Importing Iron Ore

JSW Steel to import 10 mln T of iron ore due to local shortage.  Full Article 

Breaking Up

Breaking Up

Philips to split off lighting business, form separate company.  Full Article 

End of Monsoon

End of Monsoon

Monsoon starts withdrawing from northwest region.  Full Article 

Border Row

Border Row

Chinese and Indian troops in Himalayan standoff.  Full Article 

Reuters India Mobile

Reuters India Mobile

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