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Govt approves 
8,000 Crore subsidy to oil firms in Q3
Tuesday, 01 February 2011, 06:40 IST
New Delhi: The government approved 
8,000 crore in cash subsidy to state-owned fuel retailers to make up for half of the revenues they lost on selling diesel, domestic LPG and kerosene below cost in the third quarter.
"Finance Ministry has issued a letter approving 8,000 crore in cash compensation for the October-December quarter," an oil ministry official said.
Indian Oil Corporation (IOC), the nation's largest fuel retailer, will get 4,442.45 crore, Bharat Petroleum Corp (BPCL) 1,809.85 crore and Hindustan Petroleum Corporation (HPCL) 1,747.70 crore.
The three companies had last week postponed announcing their third quarter financial results in anticipation of the government subsidy announcement, without which they would have posted losses.
The official said IOC, BPCL and HPCL lost a shade less than 16,000 crore revenue on selling diesel, domestic LPG and kerosene below their imported cost.
Source: PTI
8,000 crore in cash subsidy to state-owned fuel retailers to make up for half of the revenues they lost on selling diesel, domestic LPG and kerosene below cost in the third quarter.
"Finance Ministry has issued a letter approving 8,000 crore in cash compensation for the October-December quarter," an oil ministry official said.
Indian Oil Corporation (IOC), the nation's largest fuel retailer, will get 4,442.45 crore, Bharat Petroleum Corp (BPCL) 1,809.85 crore and Hindustan Petroleum Corporation (HPCL) 1,747.70 crore.
The three companies had last week postponed announcing their third quarter financial results in anticipation of the government subsidy announcement, without which they would have posted losses.
The official said IOC, BPCL and HPCL lost a shade less than 16,000 crore revenue on selling diesel, domestic LPG and kerosene below their imported cost.
Source: PTI