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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 | 68.51 | -0.34 | -0.49 |
| WTI | 67.17 | -0.33 | -0.49 |
| OPEC Basket | 69.85 | 0.06 | 0.09 |
11/07/2025
Oil prices on Thursday dropped as the latest tariff announcements by US President Donald Trump were perceived by market participants to threaten global economic growth and demand for the resource.
ONA
10/07/2025
Oil prices rose on Wednesday, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea and a forecast for lower US oil production, while uncertainty over US tariff
Reuters
08/07/2025
OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the UAE's move to a larger quota, f
Reuters
07/07/2025
Eight members of the OPEC+ alliance of oil exporting nations say they will boost oil production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.
Khaleej Times
03/07/2025
Oil futures were little changed on Wednesday as markets weighed expectations from more supply from major producers next month, a softer US dollar and a mixed bag of economic and market indicators fro
Reuters
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