State-owned Oil and Natural Gas Corporation (ONGC, Baa1 stable) and Oil India (OIL, Baa2stable) face increasing risk of subsidy sharing due to the rise in oil prices, Moody’s Investors Service has said.
“Because of the government’s widening fiscal deficit, ONGC and OIL could be asked to bear part of the Indian government’s fuel subsidy for oil, if prices stay above $60 per barrel for the fiscal year ending March 2019,” said Vikas Halan, a Moody’s senior vice president. Read More
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