ONGC charges premium over Brent in oil deals with BPCL, HPCL

ONGC signs term contracts to sell crude oil from Mumbai offshore fields at a premium to Brent crude oil price; Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) buy 4.5 million tonne each; ONGC produces 13-14 million tonne per annum from Arabian Sea fields; Auctions of Mumbai High and Panna/Mukta fields oil; Refiners argue for discounts due to losses on petrol and diesel sales; ONGC resists discounts due to windfall profit tax; ONGC sells smaller volumes to subsidiary MRPL; Uran cargoes sold at lower premium due to local taxes.

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