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Deregulation helps ONGC command premium
![IndiaTimes]()
Monday, 27 November 2023
IndianOil and MRPL, subsidiaries of ONGC, recently entered into term deals for Mumbai crude at a price benchmarked to Brent plus a premium of 1%. ONGC will realize an additional income of $0.8 per barrel. The oil ministry cleared the term deal route to address concerns over price beating in auctions. Deregulation of domestic crude has tipped the balance in favor of producers, allowing ONGC to command a premium over Brent for Mumbai offshore oil. This sparked fears that refiners could come together and beat down prices in auctions.
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Monday, 27 November 2023
