To keep fuel rate in check, ONGC may get dividend waiver for price freeze

The plan to place a part of the oil price burden on ONGC has been doing the rounds for some time

As part of a long-term solution to keep petrol and diesel prices in check, the government is in talks with Oil and Natural Gas Corp (ONGC) to freeze the price of the crude oil it supplies to oil-marketing companies. According to sources, this could lead to the company getting a waiver on the dividend it pays to the Centre, which is Rs 50-60 billion on an annual basis.

Petroleum Minister Dharmendra Pradhan held a meeting with oil firms on Thursday to find ways to keep fuel prices low despite high global oil prices. The proposals before the Centre include discounts