ONGC signs term contracts to sell crude oil from Mumbai offshore fields at a premium to Brent crude oil price; Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) buy 4.5 million tonne each; ONGC produces 13-14 million tonne per annum from Arabian Sea fields; Auctions of Mumbai High and Panna/Mukta fields oil; Refiners argue for discounts due to losses on petrol and diesel sales; ONGC resists discounts due to windfall profit tax; ONGC sells smaller volumes to subsidiary MRPL; Uran cargoes sold at lower premium due to local taxes.
Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News
