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Source: media reports

Energy | ONGC discount on oil sales may fall 95% in Q1

Energy | ONGC discount on oil sales may fall 95% in Q1
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First Published: Wed, Jul 22 2009. 11 04 PM IST
Updated: Wed, Jul 22 2009. 11 04 PM IST
New Delhi: The government may slash the discount Oil and Natural Gas Corp. Ltd (ONGC) gives state-owned refiners on crude oil sales by as much as 95% to reflect lower prices, an official at the country’s biggest energy explorer said.
State-run ONGC has been asked to give discounts of Rs425 crore on oil sold to refiners including Indian Oil Corp. Ltd in the three months ended 30 June, said the official familiar with the decision, who can’t be named because the oil ministry hasn’t officially communicated the directive.
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First Published: Wed, Jul 22 2009. 11 04 PM IST