Govt decides to give marketing freedom to domestic crude oil producers: Anurag Thakur

Information and Broadcasting Minister Anurag Thakur has said that the government has decided to give marketing freedom to domestic crude oil producers, allowing them to sell oil to whosoever they want.

The move is set to be beneficial for major crude oil producers, such as state-run Oil and Natural Gas Corporation (ONGC) and Oil India, and private sector majors like Vedanta’s Cairn Oil and Gas and Reliance Industries.

Thakur sated 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.