RSS Feeds Forgot Password | Register
Oil And Gas | May 22, 2012
#20013

Oil cos to get Rs 38,500 cr subsidy

In 2011-12 fiscal, public sector oil companies will get Rs 38,500 crore additional cash subsidy from the Union government as compensation for selling diesel, domestic LPG and kerosene below cost, a top Oil Ministry official said in Delhi.  
 
 The Finance Ministry has agreed to give the amount for the January-March quarter,the official added. The cash payout would be on top of Rs 45,000 crore that Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) got for the first nine months of 2011-12 financial year.
 
 The three firms had lost a record Rs 1,38,541 crore on selling diesel, domestic LPG and kerosene at government- controlled rates that were way lower than market price. Together with the additional payout agreed, the government will make up 60 per cent or Rs 83,500 crore of the total revenue loss.

Advertise Here [670 W x 90 H pixels]
Subscribe Project Reporter
  • Sector News

  • Latest News

  • 20 Dec 2014

    NMRC finalises 21 station for Greater Noida metro project

    read more
  • 16 Dec 2014

    Centre approves proposal to ensure quick transfer of land owned by government departments and PSUs for metro rail projects

    read more
  • 05 Dec 2014

    IRB Infrastructure gets provision certificate for Pathankot Amritsar BOT Project

    read more
  • 05 Dec 2014

    MMRDA approves two metro corridor project for Mumbai

    read more
  • 05 Dec 2014

    GOI gives nod to monorail project in Chennai

    read more
  • 18 Nov 2014

    Telangana government plans to take up road development in a big way

    read more
  • 04 Jan 2015

    PM stresses on improving quality of urban governance...

    read more
  • 04 Jan 2015

    Government to build industrial corridors and smart cities...

    read more
  • 04 Jan 2015

    AP to seek Rs 2,000 crore under Swachh Bharat scheme...

    read more
  • 04 Jan 2015

    BHEL gets 1x800 MW Kothagudem power project...

    read more
  • 04 Jan 2015

    BHEL, HSL and Midhani comes together to bid for submarine project...

    read more
  • 04 Jan 2015

    Develop new airports in Arunachal Pradesh: Thangwang Wangham...

    read more
|
Advertise Here [728 W x 90 H pixels]