Govt seeks Rs 15,546-crore fuel subsidy from upstream cos

Indian Oil Corp (IOC) will get Rs 8,107 crore from upstream companies in fuel subsidy support for the first quarter while Hindustan Petroleum Corp Ltd (HPCL) will get Rs 3,608.88 crore.

The Oil Ministry has fixed the subsidy payout by upstream firms like Oil and Natural Gas Corp (ONGC) and Oil India Ltd at Rs 15,546.65 crore for the April-June quarter.

Of this, ONGC will pay Rs 13,200.10 crore and another Rs 1,846.55 crore will come from OIL. State gas utility GAIL will pay Rs 500 crore, official sources said.

Fuel retailers IOC, HPCL and Bharat Petroleum Corp Ltd (BPCL) sell diesel, domestic LPG and kerosene at government controlled rates which are way below the cost. The losses they incur is compensated through a combination of government cash subsidy and support from upstream firms.

For the April-June quarter, the government has fixed upstream payout at Rs 15,546.65 crore.

Of this, IOC will get Rs 8,107.21 crore, BPCL Rs 3,830.56 crore and HPCL Rs 3,608.88 crore, they said.

EDITORIAL OF THE DAY

  • Banning commercial surrogacy will end exploitation of women

    Thousands of infertile couples around the globe come to India—the world’s biggest hub for commercial surrogacy along with Thailand—to rent wombs

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

Japan needs more women in high office

Japan does not rank high in international tables, when it ...

Jemima Raman

Things one learns on a potter's wheel

As things go, watching a shape emerge from a blob ...

Bubbles Sabharwal

Hold the world in the palm of your hand

There is absolute happiness and relative happiness. The poet John ...