ONGC and Indian Oil

CONTENTS

Ratio Analysis

Suggestion

1. RATIO ANALYSIS

2.1) Liquidity RatioLiquidity ratios measure the firm’s ability to meet current obligations (liabilities)

1) CURRENT RATIO

This ratio indicates the short term financial soundness of the company. It judges whether current assets are sufficient to meet the current liabilities. This ratio is calculated on the basis of the following formula:

Current Ratio = Current Assets/Current Liabilities

Current assets of a firm represents those assets which can be converted into cash within a short period of time not exceeding one year and include cash and bank balance, marketable securities, inventory of finished material, semi-finished and finished goods, debtors, net provision for bad debt and doubtful debts, bill receivable and prepaid expenses.

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Current Asset 541949.77 557256.78 78796.66 86425.71

Current Liabilities 338809.1 331337.37 60420.67 67804.04

Current Ratio 1.6 1.73 1.3 1.2

The generally accepted norm these days is 1.33

ONGC: INTERPRETATION

For ONGC the ratio has increased as compared to the last year. Although the ratio indicates that the company can easily meet its current liabilities, yet too high a ratio is also not beneficial for the company as it shows that due to the poor investment policy of the management.

The cash and bank balance are at Rs 14970383(Crore) which means that the money is lying idle either in the organization or in the form of bank balance. This represents the poor investment policy of the management as this amount can be utilized elsewhere.

INDIAN OIL: INTERPRETATION

Current ratio is quite comfortable but it has decreased over last year. Also, it is a little below generally accepted norm of 1.33

COMPARISION:

On comparing the current ratio of ONGC and Indian Oil it is clear that both companies are in a good position to meet their current liabilities. But a higher ratio of ONGC compared to Indian Oil indicates that INDIAN OIL has better investment policies.

2) QUICK RATIO

Quick ratio also called acid test ratio establishes a relationship between liquid assets and current liabilities. An asset is liquid if it can be converted into cash immediately. Inventories are considered to be less liquid. Inventories normally require some time for realizing into cash.

Quick ratio= (Current Asset-Inventories)/Current liabilities

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Current Asset 541949.77 557256.78 78796.66 86425.71

Inventories 65423.89 82400.07 28236.87 41076.51


Quick Ratio 1.4 1.43 0.84 0.67

The generally accepted norm is 1:1


Since the inventory does not play a major role in the current assets of ONGC, the difference between quick and current ratio is not high. This can be explained by the fact that ONGC being into an exploration sector requires fewer amounts of raw materials.


Indian Oil inventories do play a major role and this can be seen from the difference between the current ratio and quick ratio. Also there has been a significant decrease in the quick ratio compared to last year this was mainly due to higher inventories.

COMPARISION:

Quick ratio is not always a better measure of liquidity than current ratio as a company with a high value of quick ratio can suffer from the shortage of funds if it has slow paying, doubtful and long duration outstanding debtors. On the other hand a company with a low value of quick ratio may really be prospering and paying its current obligation in time if it has been turning over its inventories efficiently. In the case of ONGC and Indian Oil, the fact that ONGC has lower inventories helps it to be comfortably above the accepted norm of 1:1, but for Indian Oil the ratio is below the accepted norm.

3) CASH RATIO

Since cash is the most liquid asset, a financial analyst may examine cash ratio and its equivalent current liabilities. The cash ratio measures the extent to which a corporation or other entity can quickly liquidate assets and cover short term liabilities, and therefore is of interest to short term creditors.

Cash Ratio = (Cash + marketable securities) / Current liabilities

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Cash 156331.02 149703.83 1005.18 1598.43

Marketable securities 0 0 16966.72 17884.10


Cash Ratio 0.46 0.45 0.3 0.29


ONGC has good cash ratio of 45% and hence can easily cover its short term liabilities.


Indian Oil has cash ratio of around 30% which

COMPARISION:

Although the cash ratio in case of Indian Oil ratio is less than ONGC, in the short term creditors need not worry about their cash repayment from the company, as both have reserve borrowing power as they have credit limits sanctioned from banks.

3) NET WORKING CAPITAL RATIO

The net working capital (NWC) ratio is also a measure of the firm’s liquidity. NWC measures the firm’s potential reservoir of funds.

Net Working Capital Ratio = Net Working Capital / Net Assets

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Current Asset 541949.77 557256.78 78796.66 86425.71


Net Working Capital 203140.67 225919.41 18375.99 18621.67

Net Assets 984904.25 1079657.71 92851.23 101934.9

Net Working Capital Ratio 0.2 0.2 0.2 0.18


ONGC net working capital (NWC) ratio of 0.2 is low due as the difference between the current assets and current liabilities is less i.e. the current assets are being utilized to cover the current liabilities.


Indian Oil has net working capital (NWC) ratio of 0.18 is low due as the difference between the current assets and current liabilities is less. The ratio has decreased further from 0.2 to 0.18 in last year due to increase in net worth after a bonus of 1:1 was declared by the company.

COMPARISION:

ONGC and Indian Oil have similar net working capital of 0.2 which is low and the firms should try to reduce the current liabilities to improve the ratio.

2.2) Leverage RatiosLeverage ratios show the proportions of debt and equity in financing the firm’s assets. They are a measure of the long term financial position of the firm.

1) DEBT RATIO

Several debt ratios may be used to analyze the long term solvency of a firm. The firm may be interested in knowing the proportion of the interest bearing debt in the capital structure. Total debt will include short and long term borrowings from financial institutions, debentures/bonds, deferred payment arrangements for buying capital equipments, bank borrowings, public deposits and any other interest bearing loan.

Debt Ratio = Total Debt/Net Assets

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Total Debt 65591.3 62669.25 47346.87 49472.57

Net Asset 984904.25 1079657.71 92851.23 101934.9

Debt Ratio 0.07 0.06 0.51 0.49


The debt ratios of ONGC show that the company has been more faithful to equity finance. The ratio states that the company has only used 6% to 7% of debt financed cost structure. This is because the company is not involved in investment activities and hence does not need outside finance thus the ratio has decreased over the years.


Indian Oil has a debt finance cost structure of about 50%. Thus, lenders have financed about half of Indian Oil’s net assets. Also, the debt ratio has decreased slightly from 0.51 to 0.49 in last year due to increase in net worth after a bonus of 1:1 was declared by the company.

COMPARISION:

Thus, we can conclude that Indian Oil heavily relies on outside financing when compared to ONGC.

2) DEBT TO EQUITY RATIO

The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of shareholders' equity and debt used to finance a company's assets, in other words, it describes the lenders’ contribution for each rupee of shareholders contribution. Closely related to leveraging, the ratio is also known as Risk, Gearing or Leverage.

Debt to Equity Ratio = Total Debt / (Equity Shareholders' Fund + Preference Capital)

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Total Debt 60007.47 62669.25 47346.87 49472.57

Shareholders' Fund + Preference Capital

922235.0 1014006.41 45504.36 52462.33

Debt to equity ratio 0.065 0.062 1.04 0.94


ONGC has a low Debt to Equity Ratio of .065. There is a huge leveraging capacity available to ONGC for financing growth with debt.


As the ratio is higher we can say that Indian Oil has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense. However, there has been a significant drop in the ratio over the past year as bonus shares in the ratio of one share of Rs 10 for one equity share of Rs 10 held were issued increasing IOC’s paid-up equity capital to Rs 2,427.95 crore from Rs 1,138.98 crore.

COMPARISION:

Indian Oil has been aggressive in financing its growth with debt when compared to ONGC

3) INTEREST COVERAGE RATIO

The debt ratios described above are static in nature, and fail to indicate the firm’s ability to meet interest obligations. The interest coverage ratio is used to test the firm’s debt-servicing capacity; it shows the number of times the interest charges are covered by the funds that are ordinarily available for their payment.

Interest Coverage Ratio = EBITDA / Interest

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

EBITDA 414835.97 439134.01 7267.64 14969.81

Interest 216.43 259.67 1419.55 2008.39

Interest Coverage Ratio 1916.72 1691.12 5.12 7.45


ONGC has a very comfortable interest coverage ratio of 1691, although there has been as significant decrease in the ratio due to higher interest on term loans from banks.


Indian Oil has a low interest coverage ratio of 7.45 as it has a high debt finance cost structure of about 50%. However, the ratio has increased in the current year mainly due to

i. A decrease in raw materials consumed at 121,193 crore compared to 142,430 last year, andii. Very low exchange fluctuation, down to 0.69 crore compared to 4,592.90 crore in 2008-09.

COMPARISION:

Indian Oil’s lower interest coverage ratio indicates excessive use of debt. It should retire debt and make efforts to improve operating efficiency to have a more comfortable coverage ratio.

2.3) Activity RatiosActivity ratios are employed to evaluate the efficiency with which the firm manages and utilizes its assets. Activity ratios (also called turnover ratios), can be used to evaluate the benefits produced by specific assets, such as Inventory or accounts receivable, or they can be use to evaluate the benefits produced by all of company's assets collectively.

These measures help us gauge how effectively the company is at putting its investment to work. A company invests in assets (e.g., inventory or plant and equipment) and then use these assets to generate revenues. The greater the turnover, the more effectively the company is at producing a benefit from its investment in assets.

1) INVENTORY TURNOVER RATIO

Inventory turnover indicates the efficiency of the firm in producing and selling its product. It indicates how many times inventory is created and sold during the period. Generally, the faster inventory is turned, the less risk of loss and the more efficient management is handling capital.

Inventory Turnover Ratio = Cost of goods sold/ Average inventory

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Cost Of Goods Sold

310680.72 277704.06 152521.94 123557.34

Avg. Inventory 17082.95 16424.12 15566.17 17836.93

I.T.R 18.18 16.9 9.8 6.92

Inventory Turnover (days)

20 22 38 52


ONGC is turning its inventory of finished goods into sales 18 times in 2010. In other words it held the average inventory for 22 days in 2009-10. The average inventory turnover (days) is very good.


Indian Oil is turning its inventory of finished goods into sales 7 times in 2010 In other words it held the average inventory for 48 days in 2009-10. Also, the inventory turnover days have increased significantly over the past year from 38 to 52 days. This could be due to a reduction in cost of raw materials.

COMPARISION:

ONGC has better inventory management as compared to Indian Oil.

2) DEBTORS TURNOVER RATIO

Debtor's turnover ratio establishes the relationship between the net credit sales and average debtors for the year. It indicates the number of times the debtor’s turnover in a year. This ratio is calculated as:

Debtors Turnover Ratio = Sales / Debtors

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Sales 1045883.87 1017545.67 244166.56 233310.32

Debtors 71813.51 71423.52 4781.8 5606.15

Debtors Turnover(times) 14.56 14.23 51 42

Avg. Collection Period 25 26 7 9


The above table shows that ONGC is able to turnover it's debtors 14.23 times in the last year. In other words, its debtors remain outstanding for 26 days. The average collection period has increase by 1 day over the last year.


The above table shows that Indian Oil is able to turnover it's debtors 42 times in the last year. In other words, its debtors remain outstanding for 7 days. This is an extremely good collection period, as in India the oil marketing companies (OMC) operate in an Oligopoly market they are able to offer such a small credit period.

COMPARISION:

Indian Oil is able to operate even after offering a very small credit period as compared to ONGC.

2) CAPITAL EMPOLYED TURNOVER RATIO

A firm should manage its assets efficiently to maximize sales. A firm’s ability to produce large volumes of sales for a given amount of capital employed is the most important aspect of its operating performance. This ratio is calculated as:

Capital Employed Turnover Ratio = Sales / Capital Employed

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Sales 1045883.87 1017545.67 244166.56 233310.32

Capital Employed 984904.25 1079657.71 92851.23 101934.9

Capital Employed Turnover Ratio (times)

1.06 0.942 2.63 2.3


In 2008-09, ONGC was able to achieve Rs. 1.06 of sales for every one rupee of capital employed in net assets. However, the ratio has reduced to less than a rupee at 0.94 due to increase in net worth, which in turn was due to higher profit of Rs. 11637736 crores.


In 2009-10, Indian Oil was able to achieve Rs. 2.3 of sales for every one rupee of capital employed. However, there has been a significant drop in the ratio over the past year as bonus shares in the ratio of one share of Rs 10 for one equity share of Rs 10 held were issued increasing IOC’s paid-up equity capital to Rs 2,427.95 crore from Rs 1,138.98 crore.

COMPARISION:

Thus, Indian Oil’s capital utilization is much better than ONGC.

2.4) Profitability RatiosProfitability ratios are calculated to measure the operating efficiency of the company. Besides management of the company, creditors and owners are also interested in the profitability of the firm. Creditors want to get interest and repayment of principal regularly. Owners want to get a required rate of return on their investment. This is possible only when company earns enough profit.

1) GROSS PROFIT MARGIN:

The gross profit margin reflects the efficiency with which management produces each unit of product. A high gross profit margin relative to the industry average implies that the firm is able to produce at relatively lower cost. It is a sign of good management. A gross margin ratio may increase due to; i) higher sales prices, ii) lower cost of goods sold, iii) a combination of variations in sales prices and costs, iv) an increase in the proportionate volume of higher margin items. A low gross profit margin may reflect higher cost of goods sold due to the firm's inability to purchase raw materials at favourable terms, inefficient utilization of plant and machinery, or over investment in plant and machinery resulting in higher cost of production.

Gross profit margin= (Sales - Cost of goods sold)/Sales

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Sales 1045883.87 1017545.67 244166.56 233310.32

Cost Of Goods Sold 310680.72 277704.06 152521.94 123557.34

Gross Profit Margin 0.7 0.73 0.38 0.47


The higher the gross profit the better it is. In 2008-09 the gross profit was 70% and the gross profit in 2009-10 was 73%, which tells that gross profit has been stable for the past years. Therefore we can say that ONGC is maintaining a very good gross profit ratio.


In 2008-09 the gross profit was 38% and the gross profit in 2009-10 was 47%, the gross profit increased significantly in the last one year. This was mainly due to reduction in cost of goods sold, which in turn maybe because of reduction in cost of raw materials.

COMPARISION:

ONGC has a much higher gross profit margin when compared with Indian Oil. This is due to very high sales. Thus Indian Oil should focus on improving sales to improve profitability.

2) NET PROFIT MARGIN

Net profit is obtained when operating expenses interest and taxes are subtracted from the gross profit. This ratio is the overall measure of the firm’s ability to turn each rupee sales into net profit. If the net margin is inadequate the firm will fail to achieve satisfactory return to shareholders’ funds. Net profit margin ratio establishes a relationship between net profit and sales and indicates management's efficiency in manufacturing, administering and selling the products

Net Profit margin = Profit after tax/Sales

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

Profit After Tax 201601.47 197275.72 2395.84 10998.68

Sales 1045883.87 1017545.67 244166.56 233310.32

Net Profit Margin 0.193 0.194 0.01 0.05


As we already know that higher the net profit margin, the better it is for the organization. From the above table it is clear that the net profit margin is almost the same in the both years at around 19%. This is very healthy net profit by ONGC


From the above table we can see that the net profit margin has increased from 1% in 2008-09 to around 5%. This is was mainly due to reduction in expenditure on account of

i. Reduction in manufacturing, administration, selling & other expensesii. Reduced interest on short term bank loans

However, even this increased net profit of 5% is not low and should be improved by focusing on operations management.

COMPARISION:

As the ratio indicates the firm's capacity to withstand adverse economic conditions, ONGC is better positioned than Oil India.

3) RETURN ON INVESTMENT

ROI is also used for comparing the operating efficiency of firms. The term investment may refer to total assets or net assets. We will calculate RONA return on net assets.

ROI= EBIT / Net Assets

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

PBTEOT 311037.17 304413.64 3258.96 15134.76

EBIT 261844.3 251945.71 4078.22 11414.65

Net Assets 984904.25 1079657.71 92851.23 101934.9

Return on Investment 0.266 0.23 0.04 0.11


Return on investment for ONGC is 23% for the current year down from 26.6% last year. This was due to increase in net worth (component of net asset), which in turn was due to higher profit of Rs. 11637736 crores.


Return on investment for Indian Oil is 11% a significant increase from 4% last year. This was due to increase in net worth (component of net asset), which in turn was due to reduction in expenditure on account of:

i. Reduction in manufacturing, administration, selling & other expenses

ii. Reduced interest on short term bank loans

COMPARISION:

ONGC has significantly higher ROI when compared to Indian Oil.

4) RETURN ON EQUITY (ROE)

Common or ordinary shareholders are entitled to the residual profits. The rate of dividend is not fixed; the earnings may be distributed to shareholders or retained in the business. A return on shareholders' equity is calculated to see the profitability of owner's investment. ROE indicates how well the firm has used the resources of the shareholders.

ROE=PAT/Net Worth

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

PAT 201601.47 197275.72 2395.84 10998.68

Net Worth 922235.0 1014066.41 45504.36 52462.33

ROE 0.22 0.19 0.05 0.21


ONGC’s ROI in the current year was 19% on the equity employed last year down from 22% in the previous year. This was due to increase in net worth, which in turn was due to higher profit of Rs. 11637736 crores.


Indian Oil’s ROI in the current year was 21% which is significantly more than 5% last year. The improvement was due increase in PAT, which in turn was due to reduction in expenditure on account of:

i. Reduction in manufacturing, administration, selling & other expenses

ii. Reduced interest on short term bank loans

COMPARISION:

The ROE of both companies this year was around 20%, which shows that equity shareholder's funds are being used efficiently. A constant trend also helps in increased trust worthiness of organization.

5) EARNINGS PER SHARE (EPS)

It is a measure of the profitability of shareholders’ investments. EPS calculations made over the years indicate whether or not the firms earning power on a per share basis has changed over the period. This ratio is calculated as:

EPS=PAT/No. of shares outstanding

ONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10

EPS (from P&L account) 92.35 90.72 10.71 44.12


ONGC has a very high EPS of Rs 90, although it has decreased by Rs 2 compared to 2008-09.


Indian Oil’s EPS has increased significantly form Rs 10 to Rs 44 in the last financial year.

COMPARISION:

ONGC’s EPS in 2009-10 is almost twice of Indian Oil.

2. SUGGESTIONS TO STAKEHOLDERS

Summary of Important Ratios

RATIOONGC INDIAN OIL

2008-09 2009-10 2008-09 2009-10LIQUIDITY

Current 1.6 1.73 1.3 1.2Quick 1.4 1.43 0.84 0.67

LEVERAGE

Debt 0.07 0.06 0.51 0.49Debt to equity 0.065 0.062 1.04 0.94Interest Coverage 1916.72 1691.12 5.12 7.45

ACTIVITYInventory Turnover (days) 20 22 38 52Debtors Turnover(times) 14.56 14.23 51 42

Capital Employed Turnover Ratio (times) 1.06 0.942 2.63 2.3

PROFITABILITYGross Profit Margin 0.7 0.73 0.38 0.47Net Profit Margin 0.193 0.194 0.01 0.05ROE 0.22 0.19 0.05 0.21EPS 92.35 90.72 10.71 44.12

3.1) Creditors

Liquidity Ratio – Short term creditors such as raw material suppliers


ONGC has comfortable liquidity ratios thus creditors need not worry about payments due.


Indian Oil also has comfortable liquidity ratios with the exception of quick ratio as a large part of its

current assets are inventories. Creditors need not worry about payments due.

3.2) Banks and Financial institutions

Liquidity Ratio – Short term creditors such as Banks.

Leverage Ratio- Long term creditors such as Financial Institutions

Activity Ratio – Especially Debtors turnover ratio.


ONGC has a very low debt ratio of 7% and a very high interest coverage ratio 1916.72. Thus, banks and financial institutions should “lend to” and “invest” in ONGC.


Indian Oil has a very high debt ratio of 50%, this is not a good sign in a mature industry, but this was due to the fact that up to 2009-10 petrol prices were regulated by the government. As petrol prices have been de-regulated this year, coupled with the fact that oil prices are expected to rise as the world economy recovers from recession, OMC’s such as Indian Oil are a safe bet for banks and financial institutions.

3.3) Investors

Activity Ratio

Leverage Ratio – If the cost of debt is high the earnings of the shareholders are reduced

Profitability Ratios – Especially EPS


As the earnings per share are very high, ONGC seems like a great investment.


Indian has a low EPS, but this is all set to improve in the future due to petrol/diesel price deregulation. However, there are concerns of debt ratio as high interest payment reduces shareholder wealth.

3.4) Government

Profitability Ratios


ONGC has very high gross profit margin of 70%, and as it is managed well the government should grant it greater autonomy to operate and compete globally. In 2009, the government awarded the Maharatna status to ONGC, which raises a company's investment ceiling from Rs. 1,000 crore to Rs. 5,000 crore. The Maharatna firms would now be free to decide on investments up to 15 per cent of their net worth in a project.


The government has taken the right step by deregulating petrol prices. The total loss on account of selling fuels below market price is estimated at Rs 45,000-50,000 crore for 2009-10. The next step should be to reduce or eliminate subsidies on kerosene and LPG. As per the Petroleum Minister, the under-recoveries on kerosene and LPG for first three quarters of 2009-10 were Rs 20,871 crore.

3.5) Management

Leverage Ratio

Liquidity Ratio

Activity Ratio

Profitability Ratios


The management at ONGC should be pleased with the performance of the company across parameters.


Indian Oil’s management needs to review and reduce its debt with a debt to equity ratio of almost 1:1. It also needs to improve inventory turnover days.

3. SHARE PRICE MOVEMENT

ONGC

ONGC vs. Indian Oil

Blue – ONGC Red – Indian Oil

From the above charts we can deduce that both the stocks have been moving similarly at the BSE, as a sector. Thus, we have examined the news that affected the oil sector in the last one year below.

October 2010 – January 2010

For September quarter, while Indian Oil (IOC) reported a meagre net profit of Rs 284 crore this was in contrast to net profits of Rs 3,683 crore by IOC, in June 2009 quarter. Consider this: the total loss on account of selling fuels below market price is estimated at Rs 45,000-50,000 crore for 2009-10. Upstream companies (ONGC, GAIL and Oil India) compensate OMCs for losses on auto fuels (through discounts) and fund the under recoveries on sale of auto fuels in the financial year 2010 (around 31 per cent of total under recoveries), nearly half the total loss (mainly on kerosene and LPG) is compensated by the government in the form of oil bonds.

Before the Kirit Parikh Committee report, there were positive sound bites from different government quarters over proposals to compensate oil marketing companies (OMCs) for selling fuels below market price, as well as moving to a free-pricing mechanism for auto fuels. Not surprisingly, OMC stocks outperformed the broader markets in the month of December.

February 2010

On 6 February 2010, the Kirit Parikh Committee report was presented. It had recommendations on aligning petroleum product prices with international prices and suggested a formula for sharing the subsidy burden with upstream oil companies, given that fiscal prudence is the need of the hour.

The recommendations were positive for OMCs (oil marketing companies) like IOC, HPCL and BPCL which have borne the brunt of under-recoveries, with the government approving a Rs 12,000-crore support for OMCs for FY10 (markets expected Rs 30,000 crore) and sharing only about a third of the burden.

Upstream companies (ONGC and GAIL) were to take on the subsidy burden through price discounts to OMCs that are a share of incremental revenue from the allocated blocks. The mechanism was linked to crude prices. Upstream companies were expected to benefit as the report did not outline any cap on realisations, which range within $55-60 per bbl currently and will benefit from a free pricing environment, as under-recoveries reduce with a removal of auto fuel subsidies.

April 2010

By April, with global economic growth on the recovery path and crude oil prices rising, the fortunes of India’s oil & gas and petrochemicals sector were changing.

July 2010– August 2010

A surge in share prices was seen after the empowered group of ministers (EGoM) on fuel prices decided to decontrol the prices of petrol while price of diesel was increased by Rs 2. The prices of cooking fuels kerosene and LPG were increased by Rs 3 per litre and Rs 35 per 14.2 kg cylinder on 25 June 2010.

September 2010 – Present

On 23 September 2010, ONGC has announced two new gas discoveries in the KG basin and the Cambay basin.

ONGC and Indian Oil

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