A farcical fuel policy

In a recent terse announcement, ONGC Videsh Ltd (OVL), the overseas investment arm of the Oil and Natural Gas Corporation (ONGC), reported that the production of oil and oil-equivalent gas dropped by 7.35 per cent in 2011-12. OVL produced 8.753 million tonnes (about 175,000 barrels per day) in 2011-12, compared to 9.45 million tonnes (189,000 barrels per day) in 2010-11.

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