ONGC officers for abolishing subsidy sharing policy

New Delhi, June 15: Officers of the country's oil exploration major, ONGC today sought the intervention of Prime Minister Manmohan Singh for the abolishment of subsidy sharing policy and introduction of market driven price for the Corporation's crude and gas.

ONGC officers in a memo to the Prime Minister said the company has been greatly handicapped by the present policy of subsidy sharing and discounted pricing being practiced by the government.

''In the free market economy and New Exploration Licensing Policy (NELP) regime has put ONGC under great disadvantage and adversely affected its bottom line and risk appetite. As a consequence ONGC is bound to lose its competitive advantage,'' President, Association of Sceintific and Technical Officers, ONGC, L K Mirchandani said.

The ASTO strongly feels that this discriminatory policy should be withdrawan immediately and free market pricing under market driven pricing mechanism should be implemented in order to ensure level playing field under the NELP.

UNI