industrialinfo.com - India's ONGC Pushes for Higher Gas Prices to Counter Revenue Loss of $632 Million

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India's ONGC Pushes for Higher Gas Prices to Counter Revenue Loss of $632 Million

BANGALORE, INDIA--June 16, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--R. S. Sharma, Chairman and Managing Director of Oil and Natural Gas Corporation Limited (BSE:500312) (ONGC) (Dehradun, Uttarakhand), India's largest oil and gas producing company, recently said that the company may have incurred a revenue loss of $632 million during the 2008-09 fiscal year because of selling gas at prices fixed by the government. Power and fertilizer companies have been regularly purchasing gas from ONGC at rates far below prevailing market prices. The government has fixed low rates in an effort to protect the poor- and the middle-class population, and also to keep a check on inflation.

Other companies featured: Reliance Industries Limited (BSE:500325)

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Industry Segment: Production
Word Count: 740 Words

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