Govt to relieve Rs 3,000 cr more to PSU oil retailers | business | Hindustan Times
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Govt to relieve Rs 3,000 cr more to PSU oil retailers

The government has agreed to relieve an additional Rs 3,000 crore to state fuel retailers to makeup for losses they incurred on the sale of fuel during the first half of the current fiscal.

business Updated: Oct 30, 2010 14:01 IST

The government has agreed to relieve an additional Rs 3,000 crore to state fuel retailers to makeup for losses they incurred on the sale of fuel during the first half of the current fiscal.

Of the over Rs 31,000 crore revenue loss incurred by IOC, BPCL and HPCL on selling diesel, LPG, kerosene below cost, the Ministry of Finance had earlier agreed to meet one-third of it.

"I am told that Ministry of Finance has relieved an additional Rs 3,000 crore to subsidised marketing companies," Oil Secretary S Sundareshan told reporters in New Delhi.

The Oil Ministry has been seeking half of the revenue loss on fuel sales during the April-September period to be cash components from the government.

With the latest dole out, the companies will get Rs 13,000 crore for losses during the first half of the current fiscal. Another Rs 10,000 crore has already been provided by upstream oil firms Oil and Natural Gas Corp (ONGC), GAIL India and Oil India.