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
- UPDATE 4-JetBlue flight makes emergency landing at California airport, 4 hurt
- Scots independence polls close, UK's future in the balance
- UPDATE 1-Microsoft lays off 2,100, axes Silicon Valley research
- UPDATE 2-Two small Russian banks taken off Canada sanctions list
- UPDATE 2-Russia approves tough budget as sanctions restrict growth
China is not a warlike nation, President Xi Jinping said on Thursday, during a rare trip to neighbour India that was dominated by a standoff on a barren Himalayan plateau between soldiers from the world's two most populous nations. Full Article | Slideshow
Obama to nominate Indian-American Richard Verma as India ambassador - congressional source. Full Article