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Govt to issue bonds worth Rs23,457 cr to oil PSUs

Govt to issue bonds worth Rs23,457 cr to oil PSUs
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First Published: Thu, Oct 11 2007. 01 51 PM IST
Updated: Thu, Oct 11 2007. 01 51 PM IST
PTI
New Delhi: The government decided on 11 October not to increase petrol and diesel prices, and issue oil bonds worth Rs23,457 crore to partly compensate public sector oil companies for the losses incurred on fuel sales.
“We have kept our promise of not raising prices of sensitive petroleum products,” Petroleum Minister Murli Deora told PTI after a meeting of the Cabinet.
The Cabinet decided to issue oil bonds worth Rs 23,457.24 crore to Indian Oil, Bharat Petroleum and Hindustan Petroleum to partly compensate them for the losses they would incur this fiscal for not raising the prices of petrol, diesel, LPG and kerosene in line with costs.
“The total under-recovery on fuel sales is estimated at Rs 54,935 crore, Of this, 42.7% is being borne by the government by way of issuing oil bonds,” Deora said.
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First Published: Thu, Oct 11 2007. 01 51 PM IST