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ā¢ ONGC has signed term contracts with refiners to sell crude oil at a premium to international benchmark Brent.
ā¢ The oil has been priced at the prevailing Brent crude oil price plus 1 per cent, and ONGC will sell about 4.5 million tonne of crude oil each to BPCL and HPCL.
ā¢ The company resisted discounts from refiners, arguing that the government has taken away all upsides of the recent surge in oil prices through a levy of windfall profit tax.