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ONGC likely to start cutting costs on drop of oil price

On account of a sharp fall in the oil and gas prices which has started hurting the profits of ONGC, the company has embarked on a belt tightening exercise by curtailing the costs.

AK Srinivasan, director (finance) said that “We can’t behave now the way we did when oil was at $100,” “We are driving home the philosophy of optimisation. We are telling our people to prioritise activities, to phase costs, to defer costs that can be deferred so that we can save on operating cost.”

ONGC has bear the subsidy to help state retailers to sell fuel at the government set rates and on account of that its realisation from the sale of oil is not always directly linked to the international prices.

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