Preparations for sale of stake by Oil & Natural Gas Corporation have been completed. The Centre plans to sell 5 per cent of its stake or 427.77 million shares in ONGC through a follow-on public offer.

It will take place in December this year and targeted to fetch 12,000 crore rupees for the state exchequer. The stake sale is part of a wider plan by the government to sell shares in about 60 state-run firms over the next few years to cut its fiscal deficit and garner funds for social welfare programmes.

The government aims to raise 40,000 crore rupees through stake sales in state-run companies in the current fiscal year.

Meanwhile, government has taken a series of measures to check adulteration in petroleum products. This includes automation of retail outlets, monitoring of movement of oil tanks through GPS and introduction of small card scheme.

Official sources said that steps have also been taken to check diversion of superior Kerosene