The Union government has sanctioned Rs 8,772 crore cash subsidy to State-owned fuel retailers like Indian Oil Corporation (IOC) to cover for a fourth of the revenue they lost on selling diesel and cooking fuel below cost in September quarter.
Official sources said that the Union Finance Ministry on November 6 sent a letter approving Rs 8,772 crore subsidy for IOC Hindustan Petroleum BSE Corp (HPCL) and Bharat Petroleum Corp (BPCL).
The government-owned three retailers had lost Rs 35,328 crore in revenues on selling diesel, cooking gas (LPG) and kerosene at government controlled rates in July-September quarter.
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