State-owned ONGC and others impacted by the slump in global crude prices are likely to get some relief from the government that is considering waiving the cess and royalty.
Sources said the oil ministry was in talks with the finance ministry in waiving the oil cess and royalty demands due to the slump in global crude prices and a decision could be expected soon.
They said the issue is being considered in a way that it balances the interest of the oil companies without affecting the revenue of the exchequer already hit by the lockdown.
ONGC and others had sought the wavier as the current oil and gas prices do not even cover the operating cost.
