INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The government is said to have asked oil PSUs to consider Rs 20,000 crore in share buybacks, ET Now reported quoting
agencies.
The latest amount was double of Rs 10,000-crore buybacks an ET report anticipated on Monday.
The fresh report came on the day when
oil minister Dharmendra Pradhan said the government had no reason to interfere in fuel pricing mechanism.
On prices charged by oil-producing
Issue isn't shortfall of oil, it's sentiment
price, Pradhan said, adding that the affordability of consumer countries needs to be taken into account.
Indian Oil (IOC) is expected to buy
Oil paying Rs 5,500 crore, and ONGC Rs 5,200 crore
The companies have warned that any buyback will drain resources and cut dividend payout, sources said.
