The first signs of stress on ONGC are visible as the company has asked to waive payment of oil cess and royalty. Plummeting oil prices mean that the rate it now gets does not even cover the operating cost. The oil price crash is spelling economic havoc for oil and gas producers. In addition, natural gas prices dropped to a 10-year low of $2.39 per million British thermal unit, is leading to annual losses of Rs.6,000 crore. ONGC has demanded that the royalty charged by the central government be waived for now. ONGC has apparently communicated to the government that current rate of taxes were threatening to push ONGC into cash losses putting its planned capex at risk.