In an effort to lower discount burden of state-run Oil and Natural Gas Corp. (ONGC) and boost the explorer's profits, the central government is considering to rework subsidy sharing formula, union Petroleum Minister Dharmendra Pradhan said Wednesday.
The minister said this in a written reply in the Rajya Sabha.
The government deregulated diesel in October, but state-run companies continue to sell at a discount to oil marketers for them to retail kerosene and cooking gas below cost.
The government plans to sell 5 percent stake in ONGC worth about $2.5 billion as part of its divestment programme.
The decline in global crude oil prices coupled with gradual diesel rate hikes towards the fuel's full market-pricing has reflected well in the 2013-14 performance of ONGC.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app