ONGC to bear Rs4,900 cr for fuel subsidy in Q3

ONGC to bear Rs4,900 cr for fuel subsidy in Q3
PTI
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First Published: Wed, Jan 28 2009. 12 48 PM IST
Updated: Wed, Jan 28 2009. 12 48 PM IST
New Delhi: Public sector crude and gas exploration comapny Oil and Natural Gas Corp., Ltd will bear Rs4,899.96 crore for subsidizing petrol, diesel, LPG and kerosene for the third quarter ended 31 December 2008.
ONGC subsidy burden for the third quarter of last fiscal was Rs6,080 crore.
GAIL will bear Rs646.49 crore, while Oil India Ltd will put another Rs524.84 crore for fuel subsidies, industry sources said.
ONGC, OIL and GAIL bear about one-third of the revenue loss fuel retailers suffer on sell of petrol, diesel, domestic LPG and kerosene every quarter.
For the third quarter this year the total subsidy burden on upstream oil companies is Rs6,071 crore.
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First Published: Wed, Jan 28 2009. 12 48 PM IST