"Even the slashed subsidy compensation of Rs. 30,000 crore will not be released by the finance ministry in one go but in three to four installments," said a petroleum ministry official.
The subsidy is released by the finance ministry to these firms for selling diesel, cooking gas and kerosene at rates below their cost of production. All the three are currently losing Rs. 9.82 per litre on diesel, Rs. 33.93 a litre on kerosene and Rs. 468.50 per 14.2-kg subsidised LPG cylinder.
All three had together reported losses of Rs. 40,500 crore in the first quarter of the current fiscal.