India ONGC Q3 subsidy provision marginally lower at $2.3 bln

NEW DELHI Mon Feb 11, 2013 6:20pm IST

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NEW DELHI Feb 11 (Reuters) - India's state-run producer Oil & Natural Gas Corp has made provision of 124.33 billion rupees ($2.3 billion) for subsidy payments in the December quarter in the form of discounts to state oil marketing companies, marginally lower from 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.

Its net realisation after discount was $47.97 per barrel, up from $44.71 a barrel a year earlier, ONGC said in a statement. ($1 = 53.55 rupees) (Reporting by Devidutta Tripathy; Editing by Anand Basu)

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