ONGC signs term contract with BPCL for crude oil sale from Mumbai region

ONGC has signed a term contract with BPCL for the sale of crude oil from Mumbai region. The contract marks the first ever term contract under the marketing freedom regime. Recently, the government of India decided to grant marketing and pricing freedom for domestic crude oil. This policy replaces the previous allocation mechanism. Following which, ONGC initiated the first ever e-auction of Mumbai offshore crude oil.