Government approves deregulation of sale of domestically-produced crude oil

The Cabinet has approved the deregulation of the sale of domestically-produced crude oil, Union Minister Anurag Thakur announced on Wednesday.

From October 1, condition 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.