India’s State-owned fuel retailing oil company, Indian Oil Corp is to get cash payment for the fiscal first quarter subsidy from the government on September 17, the company’s officials said on August 26. The Union government provides the subsidy to its fuel retailers-Indian Oil Corp, Hindustan Petroleum Corp (HPCL.NS) and Bharat Petroleum Corp (BPCL.NS) to sell diesel, kerosene and cooking gas at discounted rates to the poor and tame inflation.
As per the IOC, the oil retailers will get Rs 80 billion as partial compensation for the revenue losses they have suffered on sale of diesel, kerosene and cooking gas at lower State-set prices.
In the government provided subsidy sum, Indian Oil’s share will be Rs 42 billion, the company officials said.
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