ONGC Q3 subsidy provision marginally lower at $2.3 billion

NEW DELHI Mon Feb 11, 2013 6:25pm IST

Engineers of Oil and Natural Gas Corp (ONGC) stand inside the Kalol oil field in Gujarat September 12, 2009. REUTERS/Amit Dave/Files

Engineers of Oil and Natural Gas Corp (ONGC) stand inside the Kalol oil field in Gujarat September 12, 2009.

Credit: Reuters/Amit Dave/Files

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NEW DELHI (Reuters) - 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)

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