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Moily vows to back public sector oil companies

Union Minister of Petroleum and Natural Gas, M Veerappa Moily has assured that he would resist any further burden on public sector (government owned) oil companies. He said this while addressing a national conference on Indian Economy in the Context of Global Energy Scenario in New Delhi on Wednesday. Moily commented this in the context of the reports that claimed OIL (Oil India Limited) and ONGC (Oil and Natural Gas Corporation) may have to shell out more funds to meet the higher oil subsidy. The Government of India recently decided to review and modify the prices of natural gas by April 1, 2014.