BUSINESS

ONGC logs Rs 4,000 cr loss on gas production due to cap on prices

ONGC logs Rs. 4,000 crore gas loss due to price cap

State-owned Oil and Natural Gas Corp (ONGC) logged a Rs. 4,000 crore loss on natural gas output in the fiscal year ended March 31, 2018, as the government mandated price for the fuel was less than the cost of production. “We

need at least $4 per million British thermal unit to break-even as compared to current gas price of $3.06 per mmBtu,” a senior company official said.pti