The finance ministry has agreed to pay Rs 8,000 crore (USD 1.74 billion) to state-run oil retailers in the December quarter for selling fuel at government-set cheaper rates, Oil Minister Jaipal Reddy said on Monday.
The payout, which is less than the Rs 10,000 crore sought by the oil ministry, will be released pending parliamentary approval and is intended to partly offset losses on sales of diesel, cooking gas and kerosene at government-set rates. Of the Rs 8,000 crore approved by the finance ministry, Indian Oil Corp would get around Rs 4,400 crore, Bharat Petroleum Corp around Rs 1,800 crore, and Hindustan Petroleum Corp around Rs 1,700 crore.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
