Crude oil production at 2.43 million tonne in May was 6.32 per cent lower than 2.6 million tonne output in the same month last year
In addition, companies batted for a higher gas price compared to the existing $2.39 a million British thermal unit (mBtu), effective from April to September this year.
India has, so far, resisted the temptation to give relief to consumers and keeping a close watch on fiscal deficit goals
Companies including IOC, Bharat Petroleum and HPCL will have bear a loss of up to Rs 1 per litre on sale of diesel and gasoline
In 2016-17, while the fiscal deficit was reined in at Rs 5,356 billion, revenues from excise duties rose to Rs 3,223 billion.
With oil bonanza over, time for a relook at energy options
There is an urgent need to curtail imports of edible oils and encourage domestic production