India

Govt gives marketing freedom to domestic oil producers

Union Minister for Information and Broadcasting Anurag Thakur. File

Union Minister for Information and Broadcasting Anurag Thakur. File | Photo Credit: PTI

The government on June 29 decided to give marketing freedom to domestic crude oil producers, allowing them to sell oil to whosoever they want.

Briefing reporters on the decisions taken at a meeting of the Union Cabinet, Information and Broadcasting Minister Anurag Thakur said the Cabinet approved deregulation of the sale of domestically produced crude oil.

From October 1, condition in Production Sharing Contracts (PSC) to sell crude oil to the government or its nominee or government companies will be waived.

This essentially means producers will be free to sell oil from their fields in the domestic market.


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Printable version | Aug 16, 2022 12:41:07 am | https://www.thehindu.com/news/national/govt-gives-marketing-freedom-to-domestic-oil-producers/article65579309.ece