Oil Mininstry to cut subsidy burden of ONGC, adjust its cess payment

In a big boost to ONGC, the Oil Ministry is reportedly reworking the fuel subsidy sharing formula to cut its payout by a quarter through adjustment of statutory oil cess against its share. According to a new subsidy sharing formula, the payout of upstream oil producers like ONGC is to be reduced to the extent of Rs 4,500 per tonne oil development cess they pay to the government.


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