Petrol and diesel prices have in the last two days have been cut by 8 paisa and 6 paisa a litre, respectively. Photo: ReutersNew Delhi: The government may ask state-owned Oil and Natural Gas Corp. Ltd (ONGC) to bear fuel subsidy to help cut petrol and diesel prices, sources said on Thursday. Sources said the alternative in works is to ask ONGC give subsidy to fuel retailers so that they can sell petrol and diesel at below market rates. Sources said that meetings to decide on the subsidy sharing mechanism were on and an announcement may come as early as Friday. In the previous subsidy sharing scheme, ONGC sold oil to refiners at a discount.

Source: Mint June 01, 2018 03:33 UTC