NEW DELHI State-run producer Oil & Natural Gas Corp(ONGC.NS) has made provision of 124.33 billion rupees 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.
(Reporting by Devidutta Tripathy; Editing by Anand Basu)
Trending On Reuters
HSBC Holdings Plc is shutting its private banking unit in India, marking the exit of another foreign bank from the cut-throat wealth management business in Asia's third-largest economy. Full Article