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Center to give Rs 1,300 crore kerosene subsidy

News:

  • The Finance Ministry will pay state-owned fuel retailers Rs 1,300 crore cash subsidy for kerosene for the first quarter ended June 30.
  • Of this, Rs 878.84 crore will be paid to Indian Oil Corporation, Rs 203.33 crore to Bharat Petroleum Corporation and Rs 218.25 crore to Hindustan Petroleum Corporation.
  • The Finance Ministry will pay Rs 12 per litre in cash to state-owned fuel retailers from the Budget and any unbridged gap between the retail selling price and the cost of production will be borne by upstream companies like ONGC.
  • At current prices, the upstream companies will have to bear Rs 5,000-6,000 crore for the full year.
  • For domestic cooking gas LPG, the government has decided to fully bear the under-recovery.

Source:ET

 

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