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ONGC in the red
June 2, 2018

ONGC in the red

ONGC yesterday told the Indian Petroleum Ministry about its financial condition due to the acquisition of HPCL and bailing out GSPC. This has already put the state-owned E&P giant into the red mark, and thus ONGC shouldering the burden in fuel prices is less likely to happen. If at all the prices have to be reduced, the reduction will have to come through cuts in excise duty or state taxes.

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