India ONGC Q3 subsidy provision marginally lower at $2.3 bln
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)
- Tweet this
- Share this
- Digg this
- China building South China Sea island big enough for airstrip - report
- China's rate-cut likely to hurt banks, curb new loans to small borrowers
- Pakistani family sentenced to death over "honour killing" outside court
- Hitler watercolour fetches 130,000 euros at Nuremberg auction
- Magnitude 6.8 quake hits central Japan; no tsunami warning
Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article