New Delhi, Oct 17 (UNI) Oil and Natural Gas Corporation (ONGC), the country's largest oil producer, today said the gross billing in the second quarter of the current fiscal stood at about 115 dollars a barrel.
For the second quarter, the government is yet to notify the subsidy ONGC will have to pay, company Chairman and Managing Director R S Sharma said.
''Our gross billing was 115 dollars a barrel,'' he told reporters here on the sidelines of the 11th Energy Summit organised by Assocham.
''Our budget (for capital and operation expenditure) was made at 52 dollars per barrel,'' he said.
He said the company has natural hedge against decline in crude oil prices.
In the first quarter when the company's gross billing was 145 dollars per barrel, it had also to pay 56 dollars a barrel towards subsidising fuel, Mr Sharma said.
''As prices (global crude prices) come down, our subsidy burden will also come down which is a good thing,'' company Chairman and Managing Director R S Sharma UNI SBA MP NS1852