Please wait...
GulfBase Live Support
Leave a message and our representative will contact you soon
- Dubai gold recovers with 24k at Dh507.50 as US rate cut bets dominate December
- KEC, Archipelago set up new Saudi hotel management JV
- Kuwait issues RFPs for 500MW renewable energy projects
- Saudi's Technology of Petroleum Services wins global recognition
- UAE hotels welcome 23.27m visitors in 9 months of 2025
- Retal in deal to build $1.39bn residential project in Riyadh
- Saudi IPO pipeline expands toward 100 approvals despite 12% fall in Tadawul benchmark
- UAE tops in GDP growth in GCC; non-oil's share now 77.5%
- UAE and Bahrain kick off GCC pilot 'one-stop' travel system
- Stocks mixed as traders eye US data for Fed signals
18/10/2010 00:00 AST
Oil and Natural Gas Corporation's fuel subsidy bill will increase by nearly 15 per cent to Rs 3,019 crore in the second quarter of this fiscal.
PSU fuel retailers IndianOil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd together lost about Rs 11,295 crore in revenues on selling diesel, domestic LPG and kerosene below the cost of production in July-Septe mber quarter, an official said here.
"Of this under recovery, upstream companies like ONGC, Oil India and Gail India will bear one-third," the official added.
As per this subsidy sharing formula, ONGC will chip in with Rs 3,019 crore by way of discount on crude oil it sells to IOC, BPCL and HPCL. The subsidy outgo will be Rs 2,630 crore higher than that of the second quarter of last fiscal.
The official said Oil India will pay Rs 399 crore and Gail India Rs 346 crore. Of the Rs 3,765-crore upstream subsidy contribution, IOC will get Rs 2,135 crore, HPCL Rs 808 crore and BPCL Rs 821 crore.
While petrol prices were freed from Government control in June, the state oil firms continue to sell diesel, domestic LPG and kerosene at Government dictated price which is substantially lower than the cost of production.
IOC, BPCL and HPCL currently lose Rs 2.01 per litre on diesel, Rs 15.52 per litre on kerosene and Rs 188.47 per cylinder on LPG.
The Hindu Business Line
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 62.51 | -0.68 | -1.08 |
| WTI | 58 | -0.78 | -1.33 |
| OPEC Basket | 64.43 | -0.22 | -0.34 |
01/12/2025
Ministers of the Organization of the Petroleum Exporting Countries and allied nations (OPEC+) are expected to keep current output levels unchanged when they meet for online meetings on Sunday, analys
Khaleej Times
24/11/2025
At the heart of the US shale industry in Texas, oil production is climbing. But you wouldn't know that if you talked to Mark Waters, who owns a store that sells tools and safety equipment to oil firm
Reuters
17/11/2025
Oil prices settled more than 2% higher on Friday as Russia's port of Novorossiisk halted oil exports following a Ukrainian drone attack that hit an oil depot in the Russian energy hub, stoking supply
Gulf Times
11/11/2025
Oil prices stabilized on Monday as investors assessed the likelihood of a near-term end to the US government shutdown, amid concerns about oversupply.
Brent crude futures rose 11 cents, or 0
QNA
07/11/2025
Iraq's state-owned oil company SOMO has offered more than 6 million metric tons of high-sulphur fuel oil (HSFO) between January and June 2026 in three tenders of varying volumes, according to market
Asharq Al Awsat
Financial Information Co.
Saudi Arabia