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The Centre has not yet officially asked Oil and Natural Gas Corporation (ONGC) to bear a subsidy on auto fuel, a top ONGC official has said..
“There has been no communication with regards to subsidy sharing as far as ONGC is concerned,” Shashi Shankar, ONGC Chairman and Managing Director, told a press conference here.
Stock markets were jittery on reports stating public sector upstream companies, namely ONGC and Oil India, will be asked to bear a subsidy on petrol and diesel.
The possibilities for the same gained momentum as crude oil prices zoomed and auto fuel prices rallied to record high levels.
Before fuel price deregulation, PSU oil companies bore the burden on petrol, diesel, kerosene and LPG.
But when crude oil prices crashed, the government stopped asking them to bear the subsidy burden.
ONGC yesterday reported a ₹5,915-crore profit after tax for the last quarter of FY18. This was 36.3 per cent higher than the ₹4,340-crore net profit reported in Q4 of FY17.
The company board also recommended a final dividend of ₹1.35 per equity share of ₹5 each for FY18.
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