The Union Govt. exempts ONGC, Oil India from payment of fuel subsidy in the fourth Qurter
The government has exempted oil producers ONGC and Oil India
from payment of fuel subsidy in the fourth quarter.
Meanwhile, the finance ministry has agreed to compensate the
revenue loss on fuel sales.
The govt. will pay Rs 5,324 crore in fuel subsidy for the
The government regulates price of cooking fuels LPG and
kerosene to cushion consumers from high international prices.
The difference between the cost and the retail selling price
is borne by the government by way of cash subsidy and upstream producers like
Under-recoveries, or revenue retailer's loss on selling fuel
below cost, of Rs 67,091 crore in first nine months of the fiscal were fully
accounted for by the subsidy support and dole out from upstream firms like