Covid-19 leads to sharp decline in crude prices: ONGC chief
The Covid-19 pandemic, coupled with extreme volatility in crude oil and gas prices, will leave the oil sector gasping for energy in the long-run. To overcome the impact of the crisis, public sector oil giant ONGC wants the government to address all pending issues, including the freeing of gas pricing in India.
Fall in demand
The pandemic crisis has triggered large erosion of demand globally, resulting in a sharp decline in crude prices, said ONGC Chairman and Managing Director Shashi Shanker.
“This will definitely have an impact on our bottomline in the near future. Global crude oil prices are regulated by fundamentals and prices cannot sustain at such levels for long as we are witnessing today.
