Govt gives marketing freedom to domestic oil producers

The government on Wednesday decided to give marketing freedom to domestic crude oil producers, allowing them to sell oil to whosoever they want.

Briefing reporters on the decisions taken at a meeting of the Union Cabinet, Information and Broadcasting Minister Anurag Thakur said the Cabinet approved deregulation of the sale of domestically produced crude oil.

From October 1, conditions in Production Sharing Contracts (PSC) to sell crude oil to the government or its nominee or government companies will be waived.

This essentially means producers will be free to sell oil from their fields in the domestic market.