Upstream oil cos to bear 38% of subsidy share: Source

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Upstream oil cos to bear 38% of subsidy share: Source

The government has asked upstream oil companies to compensate state-run oil refiners for 37.91% of revenue losses on fuel sales during April to December 2011, a government source told reporters.

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The government has asked upstream oil companies to compensate state-run oil refiners for 37.91% of revenue losses on fuel sales during April to December 2011, a government source told reporters.

"Together, upstream companies' subsidy share will be Rs 36894 crore," said the source, who declined to be identified.

For the first two quarters of the current fiscal year, upstream companies had compensated 33.33% of the losses due to state-set fuel prices.

The union government fixes the retail prices of liquefied petroleum gas, kerosene and diesel to protect the poor, leading to revenue losses at Indian Oil Corp , Bharat Petroleum Corp and Hindustan Petroleum Corp .

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