The massive amount of fuel subsidy, which is taking a toll on government expenditure, is mainly benefiting the rich and not the poor, an IMF official said today.
The government has asked upstream oil firms like Oil and Natural Gas Corp (ONGC) to give about Rs 36,900 crore in fuel subsidy during April to December 2011, an official
The government is likely to pay an additional around Rs30 000 crore ($6. 8 billion) than budgeted in 2011-12 to state refiners as compensation towards selling fuel at subsidized rates
Amid high international crude oil prices, the government today said it will commit more funds to meet the oil subsidy bill.
"If there is any requirement of additional (fuel) subsidy,
A day after a ministerial meeting on fuel prices was postponed indefinitely, the Oil Ministry today said the government is committed to compensating state- owned firms for the revenue lost
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