Web Exclusive | October 2018
ONGC to not subsidise fuel
Earlier, the government had considered of regulating the fuel prices and imposing a subsidy burden on the Oil and Natural Gas Corporation (ONGC), if the crude oil breached a certain level. However, it has not asked ONGC to subsidise for consumers. Due to concerns over fuel price controls returning where the government might also ask the company to partly bear the burden, the shares of ONGC came off their 52 week high on January 25. In the past year, its shares have gained roughly 4 per cent, while crude oil prices have risen to 44 per cent. In the last six months alone, while the crude has climbed 23 per cent, ONGC lost 8 per cent of its stock. While Niti Aayog suggested to list ONGC on an overseas stock exchange, the divestment department proposed listing ONGC Videsh abroad.