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Govt exempts ONGC, Oil India from payment of fuel subsidy

The government has exempted oil producers ONGC and Oil India from payment of fuel subsidy in Q4 as the finance ministry has agreed to compensate the revenue loss on fuel sales.

MMTC wants to capitalise on international gas prices halving to about USD 7-8 per million British thermal unit and import LNG in ships at spot or current rates.
The government currently holds 89.93 per cent stake in the state-run trading giant.
The Cabinet has already approved the sale of 5 per cent stakes in ONGC and BHEL, and 10 per cent each in NALCO and NMDC.
"The unit has been commissioned at Jindal Power Limited (JPL)'s OP Jindal 4X600 thermal power plant located at Tamnar in Raigarh district of Chhattisgarh," BHEL said.
BHEL has said that the MoU will further help the company in consolidating its presence in the CIS countries.
However, export earnings of the company have declined to Rs 3,307 crore in 2014-15 as against Rs 3,719 crore earned in last fiscal, it said.
State Bank of India is planning to allocate the flats to its top executives of the rank of Deputy Managing Directors and General Managers.